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AURIC Pacific Group's wholly owned subsidiary, APG Foods, has entered into a joint venture (JV) in Indonesia to expand the company's manufacturing and distribution activities there.
On Tuesday, APG Foods partnered PT Mei Sastromihardjo Konsultan Indonesia to incorporate a new company, PT Auric Pacific Marketing Indonesia (PT APMI). The JV will distribute and sell food & beverage (F&B) products in Indonesia.
APG Foods will hold a 30 per cent stake, while its partner will hold the remaining 70 per cent share of PT APMI, which has a registered share capital of US$220,000. APG Foods will be responsible for the management and operations of the new JV.
Auric Pacific said that it will use internal funds to meet APG Foods' contribution to the JV, and does not expect it to have material impact on its financials.