Malaysian investor buys majority stake in Gunanusa

Singaporean firm Federal International (2000) Ltd announced Tuesday that Malaysian investor Globrant Investment Inc had bought a total of 3,750 shares or about a 54.15 percent stake in PT Gunanusa Utama Fabricators for US$10 million.

Federal said in order to maintain its 20 percent stake in Gunanusa, it had acquired 10 shares from Gunanusa?s president director, Iman Taufik, for Rp 50 million and converted the amount of Rp 4,625 million due from Gunanusa into 925 shares.

Gunanusa is an Indonesian fabrication yard involved in executing large turnkey projects in offshore platform projects, container cranes, boilers and pressure vessels. Meanwhile, Iman is also an advisor to Federal group of companies. (Robert)