Auric Pacific unit enters into JV in Indonesia to distribute F&B products
AURIC Pacific Group's wholly owned subsidiary, APG Foods, has entered into a joint venture (JV) in Indonesia to expand the company's manufacturing and distribution activities there.
On Tuesday, APG Foods partnered PT Mei Sastromihardjo Konsultan Indonesia to incorporate a new company, PT Auric Pacific Marketing Indonesia (PT APMI). The JV will distribute and sell food & beverage (F&B) products in Indonesia.
APG Foods will hold a 30 per cent stake, while its partner will hold the remaining 70 per cent share of PT APMI, which has a registered share capital of US$220,000. APG Foods will be responsible for the management and operations of the new JV.
Auric Pacific said that it will use internal funds to meet APG Foods' contribution to the JV, and does not expect it to have material impact on its financials.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine