RP and RI firms tie up

RP and RI firms tie up

MANILA (Reuter): Philippines' East Asia Power Resources Corp said it will sign a memorandum of understanding with PT Apac International Corpora of Indonesia next week to invest in a local firm that will operate a 50-megawatt power plant in Indonesia.

The two companies will invest in PT Vita Daya Harapan, East Asia said in a statement.

"The power plant will provide power exclusively to one of the world's largest textile mills," the company said.

The plant is expected to expand by another 50 megawatts when the textile mill begins operation in March 1998, it added.

East Asia did not disclose the amount of the investment.

The company earlier said it was negotiating for the operation of a 30-megawatt coal-fired power plant in China.

East Asia is partly owned by Van der Horst Ltd of Singapore and Filinvest Development Corp of the Philippines.