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".