S'pore Tech in RI venture

S'pore Tech in RI venture

SINGAPORE (Reuter): Singapore Technologies Automotive Ltd. (STA), the automotive arm of the Singapore Technologies group of companies, said it is taking a stake in a joint venture in Indonesia with PT Steady Safe, which is engaged in taxi and bus operations in Jakarta.

The joint venture company will engage in the refurbishing, maintenance and repairs of taxi and buses, particularly those belonging to Steady Safe.

Steady Safe and STA will hold 60 percent and 40 percent stakes respectively in the joint venture, whose authorized capital is US$5 million.