L&M signs MOU for RI stake

L&M signs MOU for RI stake

SINGAPORE (Dow Jones): Singapore-listed L&M Group Investments Ltd. has signed a memorandum of understanding to acquire a stake of up to 85 percent in Indonesia's PT Artimas Kencana Murni, L&M said on Tuesday in a statement.

PT Artimas holds a 52.5 percent stake in PT Ariawest International, which operates a fixed phone line service in the Indonesian province of West Java.

The Singapore-listed engineering and construction specialist said under the terms of the MOU, a merchant bank will be appointed to conduct a valuation of PT Artimas and PT Ariawest.