FCC to join Citraland

Wed, 10 Jan 1996

SINGAPORE (Reuter): First Capital Corporation (FCC) said yesterday that a subsidiary has agreed to acquire a 20 percent stake in Indonesia's PT Citraland Adigraha.

Terms were not disclosed.

The agreement by the FCC subsidiary, First Capital (Overseas) Pte Ltd, is subject to mutually satisfactory negotiations within three months.

Citraland, controlled by the Ciputra group of companies, including PT Ciputra Development, plans to develop a hotel, shopping and office complex on a 5.3 hectare site in Jakarta, FCC said.

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