Singapore's SLM Holdings to Dredge, Sell Indonesian Sand
Wednesday, January 3 2001 - 04:00 AM WIB
Links Island Holdings Limited (SGX:LIHL) subsidiary SLM Holding Pte Ltd has entered into exclusive rights agreements with two Indonesian concession holders to dredge, extract, export and sell 50 million cubic metres of sea sand from the Batam region in Indonesia, the Stock Exchange of Singapore reported.
The agreement with concession holders Bumi Samudera Argo Megah and Mutiara Mega Perkasa Abadi is for Links reclamation projects in Singapore for up to a period of four years commencing January 2001.
Dredging and extraction work is scheduled to commence in February 2001.
An aggregate sum of S$110,000 (US$64,000) has been paid to the Concession Holders as advance deposits which would be accounted for in the current financial year.
None of the directors or the substantial shareholders of the company has any interest, direct or indirect, in the above-mentioned transaction, the Stock Exchange of Singapore reported (*)