Japanese firm to purchase Singapore?s Jurong Engineering Limited assets

Singapore-based company Jurong Engineering Limited (JEL) said Tuesday it had received a proposal from Japanese firm Ishikawajima-Harima Heavy Industries Co. Ltd. (IHI) to purchase several assets in Thailand, India, Singapore, Malaysia, Vietnam, Indonesia, and the Middle East for a total of S$51.59 million.

According to statement from JEL, the company?s Indonesian assets are PT Jurong Engineering Lestari (100 percent), PT Truba Jurong Engineering (45 percent), and PT Cilegon Fabricators (30.9 percent).

PT Jurong Engineering Lestari is currently doing construction work at the Tanjung Jati ?B? power plant project in Central Java. The project is slated for completion in August next year.

Meanwhile, IHI is one of the 18 qualified bidders to submit engineering procurement and construction (EPC) proposals for the LNG receiving terminal planned by state-owned electricity firm PT PLN.

JEL said the proposal for the acquisition submitted by IHI would remain open until 12 a.m. on June 21, 2005 unless the period is extended by mutual consent. (Robert)