Dharmala Group ties up with Malaysian firms

Dharmala Group ties up with Malaysian firms

JAKARTA (JP): Businessmen took advantage of the APEC meetings,
that culminated with a conference in Bogor on Tuesday, by signing
various deals in the presence of government leaders.

Two companies of the Dharmala Group, for instance, signed here
yesterday a memoranda of understanding with two Malaysian firms
to set up join ventures.

The signings were witnessed by Malaysian Prime Minister
Mahathir Mohamad.

PT Dharmala Intiland, a listed-property developer and
Damansara Realty Bhd., a holding construction company of
Malaysia, agreed to establish a new firm operating in property
development.

Intiland's president Hendro S. Gondokusumo and Damansara's
executive Jaafar Bahar told a press conference here yesterday
that both companies will jointly explore, evaluate and develop
properties and related projects both in Indonesia and Malaysia.

"We see Jakarta and Surabaya in Indonesia as well as Malaysia
as potential areas for both apartments and office buildings,"
Hendro said.

"The market for apartment housing in Indonesia, for instance,
will keep expanding, especially because the government plans to
allow foreign ownership," Hendro said.

Another Dharmala subsidiary, PT Dharmindo Adhiduta, which has
also been listed on domestic stock exchanges, and Malaysian
diversified group, CP South East Asia (SEA) Sdn. Bhd., have
agreed to set up a US$10 million building material manufacturing
facility in Bekasi, east of Jakarta.

CP (SEA)'s executive chairman Tan Chew Piau said that the
signing of the join venture agreement is scheduled to take place
early next year.

"This will be my first join venture with an Indonesian
partner," he said, adding that CP (SEA) currently has eight
subsidiaries in Malaysia.

Dharmindo's president Boedijanto said that the facility will
have the capacity to produce 200-square-meters of marble and
granite per month.(icn)