Paradise Ridge announces joint venture

By Romel S. Gurky

Scottsdale-based Paradise Ridge Hydrocarbons Inc, said that Far East Ventures Holdings Ltd (FEV), a South East Asian investment holding company with which the company is in the process of completing a merger, has entered into a joint venture arrangement with a major Philippine industrial and mining group to supply and distribute cement and building products throughout Philippines and Northern Sulawesi Province of Indonesia.

The company said in a statement Thursday that the joint venture includes the acquisition of a 1million-ton per year cement plant in Cebu Philippines, which will be used initially to grind and process clinker (raw cement) imported from Asian suppliers such as China and Vietnam. Finished product will be shipped to the Northern Sulawesi Province in Indonesia where it will be packaged and distributed as a local product.

The company did not disclose the identity of the Philippine industrial and mining group, and other details of the joint venture arrangement.

Paradise CEO David Naylor stated, "This joint venture acquisition of the Cebu cement plant positions Paradise Ridge to grow its corporate presence in Indonesia. Our partner, Far East Ventures, has invested in completing this strategic transaction and the FEV/Paradise vision is becoming a reality."

Paradise also operates producing gold mines in Indonesia.

Editing by Reiner Simanjuntak