Sahid Group expands to fishery business

JAKARTA (JP): The Sahid Group will further diversify its line of business by establishing a joint venture in fisheries with two Chinese companies, with a total investment of US$50 million, the group's president says.

Sukamdani Sahid Gitosardjono told journalists yesterday that the two Chinese partners are China Great Wall Industries Corporation and China Xinxing Corporation.

Representatives of the two companies were here yesterday to attend the annual meeting of the Association of the Indonesia- China Economic, Social and Cultural Cooperation.

When asked, Sukamdani, also chairman of the association, declined to comment on the percentage of equities to be taken by the Sahid Group, saying that the joint venture was still in the final stage of negotiations.

He explained that the joint-venture company will operate mostly in the eastern part of Indonesia and that all fish caught will be processed in this country and then exported to China as well as other countries.

"China is a very potential market for processed fish because the Chinese love fish. Besides, the quality requirements imposed by China are not as tough as those in Japan, South Korea, the United States and European countries," Sukamdani told newsmen after opening the meeting yesterday.

Fifteen Chinese businessmen are participating in the two-day annual meeting.

The Sahid group, whose core business is the hotel industry, has already diversified into banking and apartment development. (rid)