Agis, Swiss?GEM to enter Indonesia natural resources businesses
Wednesday, September 29 2010 - 01:58 AM WIB
Indonesia-listed consumer electronic trading and retail distribution firm PT Agis Tbk has signed a memorandum of understanding (MOU) with Swiss-based investment firm Global Emerging Markets (GEM) to financially back up Agis? plans to invest in natural resources businesses in Indonesia.
Under this MOU, GEM has committed to provide Agis up to an aggregate amount of US$150 million of capital which will be utilized to acquire majority stakes in prospective mining assets and operations in Indonesia, the company said on Tuesday in statement.
In the next few weeks, Agis shall craft and execute definitive agreements with targeted companies, it said.
The company did not give details.
GEM is a $3.4 billion investment group in 60 countries. (denny)