Amtek, Unitech buy RI unit

Amtek, Unitech buy RI unit

SINGAPORE (Reuters): Singapore Precision metal parts maker Amtek Engineering Ltd said yesterday it and subsidiary Unitech Holding Pte Ltd now own 100 percent of Indonesia's PT Amtek Sanwa Industries (ASI).

Amtek Engineering said in a statement it had bought the remaining 25 percent stake in ASI from minority shareholders.

Before the acquisition, ASI was a 75 percent-owned subsidiary of Unitech, an investment holding company.

ASI has thermoplastic injection moulding and metal stamping facilities in Jakarta. It started operations in January 1998.

The purchase was financed by Amtek's internal funds, the statement said.