Siwani eyes L&M's projects

Siwani eyes L&M's projects

SINGAPORE (AFX-ASIA): L&M Group Investments Ltd said PT Siwani Trimitra Tbk has offered to buy its pipeline projects in Indonesia.

In exchange, PT Siwani has proposed to issue new shares to L&M at a price to be agreed by both parties, it said.

The projects, including Surabaya Depot Satelit, Pipanisasi BBM Manggis Sanggaran and Kuala Tanjung Trnasit Terminal, were suspended in 1998.

L&M, through Van der Horst Technologies Pte Ltd, Infrastructure Technology International Inc and PT VDH Teguh Sakti, has so far invested A$24 million in the projects which were awarded by Pertamina.

L&M said it and PT Siwani "intend to cooperate to remove all obstacles, be it legal or technical in nature, for the projects to resume expeditiously."