PT Agis Tbk has agreed to tie Fujian Xinjifu Enterprise Co Ltd in a bid to set up a joint venture company dubbed PT Agis Resources.
Both companies agreed the cooperation on December 17 2011, said Agis's announcement yesterday.
"Agis and Xinjifu will seek opportinities in mining investments in Indonesia," Agis said.
Agis will control 51% stake in Agis Resources, while Xinjifu owns 49% stake. Those shareholders will inject US$50 million to meet the capital requirements.
Disclosure: No position at the stock mentioned above.
Print This Article