Dharmala-STIC venture

JAKARTA (JP): PT Dharmala Intiland and Singapore Technologies Industrial Corp Ltd. (STIC) signed a memorandum of understanding yesterday to develop 300 hectares of industrial estates in Ngoro, East Java.

Dharmala stated yesterday the industrial estates, to be 60 percent owned by STIC and 40 percent by Dharmala, would cost US$285 million to develop.

"Differing from the industrial estates which we have also developed in Ngoro through a joint venture with Taiwan's RSEA, the new estate project is designed specially for semi-high-tech and high-tech industries," Dharmala president Hendro S. Gondokusumo said at the memorandum's signing in Singapore. (vin)