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Dutamas proposes to buy PT Jasa Medivest
Dec '10
Dutamas SME Sdn Bhd (Dutamas), the subsidiary which is entirely owned by Maxbiz Corporation Berhad (Maxbiz), had put forward a proposal on December 28, according to which it intends to attain 95 percent of the ownership interest of PT Jasa Medivest (PTJM) from Pantai Medivest Sdn Bhd (PMSB).

According to Maxbiz, this acquisition is going to benefit the group as it will provide a source of added income to complement the already existing business of textile dyeing and chemical trading.

Currently, PMSB holds 95 percent of the equity interests of PTJM whereas the rest of the 5 percent ownership interest is held by PT Jasa Sarana, which is an investment wing of the West Jawa Provincial Government.

Complete details of the intended acquisition are likely to be announced once the proposal is accepted and Dutamas inks the sale and purchase Agreement for the acquisition that has been planned.

Fibre2fashion News Desk - India

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