Texchem pumps $5.7m in China, RI

Texchem pumps $5.7m in China, RI

KUALA LUMPUR: Malaysian conglomerate Texchem Resources Bhd., said on Wednesday it was investing US$5.7 million in Indonesia and China as part of efforts to become a major chemical and manufacturing group in the region.

Texchem, which sells industrial chemicals, manufactures household insecticides and makes plastics packaging product, is investing an initial $3.1 million to build a packaging plant in Wuxi, China.

It also signed a deal with PT Unilever Indonesia to make mosquito coils and insecticides and will invest 9.85 million ringgit ($2.6 million) for a 49 percent stake in the Indonesian joint venture.

The 28-year-old diversified manufacturing firm, which also has operations in the Philippines, Singapore, Vietnam, Myanmar, Thailand and Cambodia, aims to be a market leader in Southeast Asia by 2010. --Reuters