Daewoo-Djajanti deal

Daewoo-Djajanti deal

SEOUL (Reuter): South Korea's Daewoo Corp, a unit of Daewoo Group, said yesterday it had signed a basic agreement with Indonesia's PT Maluku Dinamika Semen, a unit of the Djajanti Group, to build a $400 million cement plant in Indonesia.

A formal contract to build the 2.5 million-ton-a-year cement plant will be signed in May, a Daewoo spokesman said.

The construction division of Daewoo Corp will begin construction in the second half of this year in Maluku in eastern Indonesia, for scheduled completion in the year 2000, a company statement said.

The order was awarded on a turnkey basis.