Hong Leong to buy Karimun

Tue, 26 Sep 2000 | Source: AFP

SINGAPORE (AFX-ASIA): Hong Leong Asia said it has signed an agreement with PT Pendawa Sempurna, Savile Row Developments Ltd and Iwan Valiant Joesoef to acquire an 80 percent stake in PT Karimun Granite, the largest hard rock mine in southeast Asia, for US$27.20 million.

The acquisition, which is subject to due diligence and approval by Indonesian authorities, is expected to be completed by Oct 31.

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