TNT, Tigaraksa tie up

JAKARTA (JP): TNT Logistics Asia Pte. Limited and PT Tigaraksa Satria agreed here yesterday to establish a joint venture firm to provide logistic services in Indonesia.

David Mortimer, the managing director and chief executive officer of TNT Limited, said that the joint venture, which will be named PT TNT Logistic Indonesia, will provide logistic services to domestic and multi-national firms in the country.

The establishment of the joint venture is a major part of TNT's development plans in South East Asia, he said following the signing of the joint venture agreement.

Tigaraksa, a distribution company listed on the Jakarta Stock Exchange, also agreed to assign the warehousing operations to the planned joint venture under a contract agreement.

TNT Logistic Asia Pte. Limited is a wholly owned subsidiary of TNT Limited, the Australian based Worldwide Transportation and Logistics group.(hen)