Rodamas gets more fund

Rodamas gets more fund

JAKARTA (JP): J.P. Morgan International Capital Corporation, the international investment arm of J.P. Morgan Capital Corporation, announced yesterday that it has concluded an agreement with PT Rodamas to invest US$20 million in the company.

J.P. Morgan's injection of capital, in the form of a convertible note, together with the injection from another investor, the ASC Asia Equity Fund, will be used to expand Rodamas' business.

Rodamas' major business is the manufacturing of glass, building materials and consumer products.

Its glass manufacturing unit, PT Asahimas, a joint venture with Asahi Glass Company of Japan, is listed on the Jakarta Stock Exchange. (08)