Damansara-Sakato property

Damansara-Sakato property

KUALA LUMPUR (Reuter): Malaysian property developer Damansara
Realty Bhd said yesterday it had entered into a joint venture
agreement with Indonesia's P.T. Andalas Tuah Sakato for a quarry
in Indonesia.

"The joint venture company will focus on quarrying and
extraction of marble and other dimension stones for sale," said
Damansara Realty in a statement issued to the Kuala Lumpur Stock
Exchange.

Damansara Realty said the joint venture company would be 80-
percent owned by Damansara's wholly-owned subsidiary Valiant
Direction Sdn Bhd and 20 percent-owned by P.T. Andalas.

The Indonesian company is a holding company of a West Sumatera
Provincial Government-owned enterprise, said Damansara.

Initially, the joint venture would sell marble to the
Indonesian market, "which recorded a tremendous growth in the
construction industry," said Damansara.

The company said it eventually hoped to market its products in
the United States, Singapore and Malaysia "as well as the rest of
the developing Asian market".