Jakarta (ANTARA News) - Publicly-listed shipping company PT Arpeni Pratama Ocean Line (APOL) and South Korean Hyundai Merchant Marine Co. Ltd (HMM) have formed a joint venture dealing with sea transportation, a spokesperson said.
An agreement on the cooperation, which was signed by the two firms last February 22, stipulated that both APOL and HMM controls each of 50 percent of the new company, APOL director and secretary Ronald Nangoi told the Jakarta Stock Exchange (BEJ) here Monday.
PT Arpeni Pratama Ocean Line also told the Jakarta Stock Exchange that the former would buy two tankers at a total cost of US$100 million and receive the order in 2008.
Operation of the two tankers will be put under APOL management, the company said.
The plan to buy the two tankers is in line with APOL shareholders? extraordinary meeting, which was held on July 28, 2006, it said.
Data of the Jakarta Stock Exchange showed that as of December 31, 2006, APOL was 30.67 percent controlled by PT Mandira Sanni Pratama, 21.04 percent by PT Mandira Sanni Pratama S/A PT Ayrus, 8.67 percent by Deg-Deutsche Investitions-UE, and 8.34 percent by Mello S/A Cundill Recovery FD.
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