Pan United Corp enters JV deal with Deli Coal

By Puspita Maylana Devi

A wholly-owned indirect subsidiary of Pan-United Corp (PUC), Batubara Development Pte. Ltd., has entered into a joint venture agreement with PT Deli Coal to explore opportunities in the business of coal mining.

The company in its statement to SGX said that both parties will jointly invest in a newly incorporated Indonesian company, PT Sebamban Resources (PT SR) of which Batubara and PT Deli Coal will each hold 50% shareholding in PT SR.

The authorized capital of PT SR is Rp9,438,000,000 (US$1,000,000) and the initial paid-up capital will be $500,000).

It said that Batubara?s share subscription of $250,000), in cash, will be funded by internal resources.

Pan-United Corporation Ltd started as a small ship handler in 1958 and three decades later ventured into regional bulk shipping in the 1970s, and the marine industry in the 1980s.

In the 1990s, PUC diversified the businesses into basic building resources and the Changshu Xinghua Port in Changshu City, Jiangsu Province, China.

Editing by Adianto P. Simamora