Amtek ups Unitech stake

Sat, 10 May 1997 | Source: REUTERS

SINGAPORE (Reuter): Amtek Engineering Ltd said yesterday it had injected Singapore $5.72 million into Unitech Holdings Pte Ltd, raising its stake in the holding company to 50 percent.

Amtek said in a statement the capital injection had enabled Unitech to create a new precision metal parts and injection molding unit in Indonesia.

The new unit, PT Amtek Sanwa Industries (ASI), would be 75 percent owned by Unitech, 15 percent owned by Sumitomo Corp units and 10 percent by Indonesian firm PT Erajaya Arttkaprima Investa, Amtek said.

ASI, which should be operational by August 1997, had been granted Export Processing Entrepots Status by Indonesia's Finance Ministry, exempting it from import duties, surcharges, and some taxes, including those on capital goods and raw materials.

Amtek said the investment was a sign of its "regional expansion to cater to the needs of the growing MNCs (multinational companies) in Jakarta".

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