Sahid Group expands to fishery business

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)