ID :
90704
Fri, 11/20/2009 - 18:36
Auther :
Shortlink :
https://oananews.org//node/90704
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SAMCHEM TO INVEST US$2.2 MIL IN NEW INDONESIAN SUBSIDIARY
KUALA LUMPUR, Nov 20 (Bernama)-- Samchem Holdings Bhd, a leading industrial
chemical distributor in the region, plans to invest US$2.2 million in its new
subsidiary in Jakarta.
Chief executive officer Ng Thin Poh said the subsidiary would be
incorporated with an initial paid-up capital of US$250,000 which would
subsequently be increased to US$1 million.
Samchem Friday signed a shareholders agreement with Herisun Hassan,
president and director of PT Prasandha Byantara Abadi (PBA), to form the new
subsidiary in the Indonesian capital.
"Under this strategic partnership, we will hold a 60 per cent majority
stake," Ng told reporters after the signing.
The new subsidiary will purchase the necessary fixed assets, including
a factory, warehouse, administrative office and a fleet vehicles for logistics
needs.
"The market value of these assets is expected to be approximately US$1.6
million (approximately RM5.4 million)," Ng disclosed.
Samchem expects a strong revenue stream of RM100 million from the Indonesian
market in 2011 with the new subsidiary and in line with the booming industrial
sector there.
"This is indeed a win-win situation for both parties with the new subsidiary
able to tap into Samchem's expertise in the chemical supply chain
solutions.
"Samchem on the other hand, would be able to utilise the existing
distribution network in Indonesia, to market industrial chemicals," said
Herisun.
According to Ng, the Indonesian market contributed RM4 million or 23 percent
to the group's foreign revenue of RM17.5 million in 2008.
"With this new venture, we will introduce a lot of new products, new
agencies and distributors, to further expand in the country," he said.
The new subsidiary, which is expected to begin operations in the
first quarter next year, will effectively enlarge the company's revenue base and
be poised to take on a leading position in the Indonesian chemicals market.
The Indonesian chemicals market is estimated to be at least three times
that of Malaysia.
PBA was incorporated in Jakarta in early 1997 as a chemical distribution
company and its network stretches beyond major cities such as
Jakarta, Bandung, Surabaya and includes Java Island.
Samchem currently markets over 400 industrial chemical products to an
extensive client network of more than 2,500 in the region.
It offers seamless supply chain solutions to global petrochemical companies
that cater to a wide spectrum of applications.
Some of the group's long established industrial chemical suppliers include
ExxonMobil,Shell, BASF Petronas and OPTIMAL Chemical.
-- BERNAMA
chemical distributor in the region, plans to invest US$2.2 million in its new
subsidiary in Jakarta.
Chief executive officer Ng Thin Poh said the subsidiary would be
incorporated with an initial paid-up capital of US$250,000 which would
subsequently be increased to US$1 million.
Samchem Friday signed a shareholders agreement with Herisun Hassan,
president and director of PT Prasandha Byantara Abadi (PBA), to form the new
subsidiary in the Indonesian capital.
"Under this strategic partnership, we will hold a 60 per cent majority
stake," Ng told reporters after the signing.
The new subsidiary will purchase the necessary fixed assets, including
a factory, warehouse, administrative office and a fleet vehicles for logistics
needs.
"The market value of these assets is expected to be approximately US$1.6
million (approximately RM5.4 million)," Ng disclosed.
Samchem expects a strong revenue stream of RM100 million from the Indonesian
market in 2011 with the new subsidiary and in line with the booming industrial
sector there.
"This is indeed a win-win situation for both parties with the new subsidiary
able to tap into Samchem's expertise in the chemical supply chain
solutions.
"Samchem on the other hand, would be able to utilise the existing
distribution network in Indonesia, to market industrial chemicals," said
Herisun.
According to Ng, the Indonesian market contributed RM4 million or 23 percent
to the group's foreign revenue of RM17.5 million in 2008.
"With this new venture, we will introduce a lot of new products, new
agencies and distributors, to further expand in the country," he said.
The new subsidiary, which is expected to begin operations in the
first quarter next year, will effectively enlarge the company's revenue base and
be poised to take on a leading position in the Indonesian chemicals market.
The Indonesian chemicals market is estimated to be at least three times
that of Malaysia.
PBA was incorporated in Jakarta in early 1997 as a chemical distribution
company and its network stretches beyond major cities such as
Jakarta, Bandung, Surabaya and includes Java Island.
Samchem currently markets over 400 industrial chemical products to an
extensive client network of more than 2,500 in the region.
It offers seamless supply chain solutions to global petrochemical companies
that cater to a wide spectrum of applications.
Some of the group's long established industrial chemical suppliers include
ExxonMobil,Shell, BASF Petronas and OPTIMAL Chemical.
-- BERNAMA
