Sembawang to invest here

Sembawang to invest here

SINGAPORE (Reuter): Sembawang Corp. said yesterday its wholly- owned unit Sembawang Media Pte. Ltd. had entered into an Internet joint venture in Indonesia.

The unit had agreed to jointly invest with Indonesian corporation PT Ngrumat Bondo Utomo in Indonesian firm PT Jasa Jeraring Wasantara (JJW).

JJW would have an authorised share capital equivalent to US$4 million and a paid up capital of $1 million.

Sembawang would hold a 35 percent stake in JJW, which has a license to operate an Internet service provider in Indonesia.

It said the agreement was not expected to have any material impact on Sembawang's net tangible assets or earnings per share.