Singapore?s Lian Beng, Manhattan to form JV to service E. Kalimantan coal firm

Singapore construction group Lian Beng Group Ltd announced Wednesday it had signed MoU with another Singaporean company Manhattan Investments Pte Ltd to form 50:50 joint venture to carry out overburden removal and dumping works for open cast coal mines in Indonesia.

Manhattan intends to procure for the Indonesian Subsidiary a five years contract for coal mining overburden work with one of the Manhattan's related coal mines, PT Gunungbayan Pratamacoal and the contract is approximately US$213,000,000 (or about S$362,000,000) in size. The Indonesian Subsidiary may also enter into contracts to carry out works for other coal mines in future.

Details of the joint venture will be formalised and a formal agreement will be executed between the parties by 30 April 2004, otherwise the MOU will lapse unless extended by both parties.(alex)