Du Pont buys Branta shares

Du Pont buys Branta shares

JAKARTA (JP): Chemical giant E.I. Du Pont de Nemours and
Company has bought 19.8 percent of Indonesian tire-yarn and cord
fabric manufacturer, PT Branta Mulia.

Branta Mulia said Saturday that Du Pont was buying the shares
at US$1.45 (Rp 4,150) a share.

"PT Branta Mulia and E.I. Du Pont de Nemours and Co. announce
that they have successfully finalized all agreements for Du
Pont's purchase of a major equity stake in PT Branta Mulia."
Branta Mulia said in a statement.

"The two companies are also forming a strategic alliance
through which they will undertake important joint expansion
projects in Indonesia, China and India," it said.

Branta Mulia's president Ibrahim Risjad, a close associate of
Indonesian tycoon Liem Sioe Liong, said Du Pont's investment
indicated its confidence in Branta Mulia and Indonesian industry.

"The alliance between us will bring tremendous growth
opportunities. We expect to reach new profit levels and better
return for our shareholders," he said.

The two companies will announce details of their alliance and
plans for Branta Mulia's major expansion by the end of this
month. (aly)