BICC expands projects

BICC expands projects

LONDON (Reuter): BICC Plc said it was expanding its cablemaking business in the Asia-Pacific region through the creation of two new manufacturing operations.

One project in Indonesia will have a total cost of 45 million pounds while another in the Philippines will see investment from BICC of 10 million pounds, the company said in a statement.

In Indonesia, BICC is setting up a joint venture, BICC Berca Cables, with local partner PT Cipta Cakra Murdaya (CCM) to make power and telecommunications cables at a plant near Jakarta.

The total cost of this project will be 45 million pounds, BICC said and it will take a 50 percent equity interest of 11 million pounds.

The balance of the project funding will be provided by equity from the partner and local project finance.

The factory should be completed and onstream in early 1997.

In the Philippines, BICC said a regional data cable systems business will be set up based on a new plant at Subic Bay.

This plant should come onstream in 1997, the company said.

BICC will invest 10 million pounds in the business and will own it outright.