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South Korea's leading cable manufacturer LS Cable Company recently announced that it will establish a joint venture with Indonesian conglomerate Artha Graha Group (AG Group) to enter the wire and cable market
in the Southeast Asian country.
Under the joint venture agreement signed by the Indonesian Embassy in Yeouido in Seoul, LS Cable and AG Group will jointly invest US$40 million next month to build a new power cable production plant near Jakarta, Indonesia, with a 50:50
stake.
According to reports, the new plant covers an area of about 64,000 square meters and aims to produce overhead power lines and medium and low voltage cables for construction and plants, and is scheduled to complete construction in the second half of 2019, aiming to achieve sales of 100 million US dollars in 2025
.
LS Cable said it will buy 280,000 shares in the company, known as PT LSAG Cable Indonesia, for nearly $20 million, with the share purchases being made
in cash and in kind.
It is reported that LS Cable has been seeking opportunities
to enter the Indonesian market, which is growing rapidly.
The investment plan also brings the company to seven production facilities throughout Asia, located in Vietnam, China, India and Myanmar
.
South Korea's leading cable manufacturer LS Cable Company recently announced that it will establish a joint venture with Indonesian conglomerate Artha Graha Group (AG Group) to enter the wire and cable market
in the Southeast Asian country.
Under the joint venture agreement signed by the Indonesian Embassy in Yeouido in Seoul, LS Cable and AG Group will jointly invest US$40 million next month to build a new power cable production plant near Jakarta, Indonesia, with a 50:50
stake.
According to reports, the new plant covers an area of about 64,000 square meters and aims to produce overhead power lines and medium and low voltage cables for construction and plants, and is scheduled to complete construction in the second half of 2019, aiming to achieve sales of 100 million US dollars in 2025
.
LS Cable said it will buy 280,000 shares in the company, known as PT LSAG Cable Indonesia, for nearly $20 million, with the share purchases being made
in cash and in kind.
It is reported that LS Cable has been seeking opportunities
to enter the Indonesian market, which is growing rapidly.
The investment plan also brings the company to seven production facilities throughout Asia, located in Vietnam, China, India and Myanmar
.
