Amtek ups Unitech stake

Sat, 10 May 1997, 00:00 WIB | 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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