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Noble unit invests US$7.5m in three Indonesian companies
COMMODITY trader Noble Group said on Tuesday morning that its wholly-owned and controlled subsidiary, PT Equatorial Coal Abadi, has subscribed for new shares in three Indonesian companies amounting to US$7.5 million.
The companies will together form a fuel storage, supply and distribution network in the Sumatra and Java regions, meeting demand from the palm oil, power, and mining industries, Noble said.
The subscriptions are wholly satisfied in cash and funded from internal resources.
The companies are PT Sriwijaya Inti Daya (Noble to invest US$3.5 million for 51 per cent), PT Sriwijaya Multi Terminal (Noble to invest US$1.5 million for 49 per cent) and PT Karimata Baru Terminal (Noble to invest US$2.5 million for 49 per cent). The first will become a subsidiary and the latter two, associates.
Noble closed unchanged at S$0.885 on Monday.