Indonesia-listed Dharma Polimetal and China’s Minth Group are setting up a joint venture focused on manufacturing components for four-wheel vehicles. In an unrelated development, BSA Logistics Indonesia said its indirect subsidiary PT Beruang Maritim Indonesia (BMI) has secured a 75-billion-rupiah ($4.2 million) term loan from OCBC Indonesia to finance vessel purchases.
Dharma Polimetal, Minth Group form auto parts JV
Indonesia-listed automotive components maker Dharma Polimetal has entered into a cooperation agreement with China’s Minth Group to establish a joint venture focused on manufacturing components for four-wheel vehicles.
The joint venture, PT Dharma Minth Indonesia, was established with an authorised capital of 180 billion rupiah, of which 45 billion rupiah has been issued and fully paid, according to DRMA’s disclosure to the Indonesia Stock Exchange on Tuesday.
Talentlink Development Ltd will hold a 51% stake in the new company, while Dharma Polimetal will own the remaining 49%. The shares have a nominal value of 1 million rupiah each.
Minth Group, which is listed on the Hong Kong Stock Exchange, is an automotive parts manufacturer whose products include exterior and structural components, aluminium parts, plastic components and battery housings. The group has operations across multiple countries and supplies global automotive brands.
The new company will manufacture automotive components for four-wheeled vehicles, including battery housings, body and chassis structures using aluminium extrusion and plastic components, according to the disclosure.
For Dharma Polimetal, the partnership is part of efforts to expand its automotive component business and capabilities in supporting the four-wheel vehicle industry.
Dharma Polimetal is an Indonesian automotive component manufacturer whose business covers the manufacture of components for motor vehicles. It said its 49% ownership in Dharma Minth Indonesia would give it a share in the joint venture’s profit or loss in line with its ownership interest.
Waresix-linked BSA Logistics secures $4.2m loan
Indonesia-listed logistics company BSA Logistics Indonesia said its indirect subsidiary PT Beruang Maritim Indonesia (BMI) has secured a 75-billion-rupiah ($4.2 million) term loan from OCBC Indonesia to finance vessel purchases.
BMI signed the loan agreement with OCBC on September 14, according to BSA Logistics’ disclosure to the Indonesia Stock Exchange on Tuesday. The facility has a 60-month tenor.
The loan will be secured by first-priority mortgages over five sets of vessels owned by BMI, comprising five tugboats and five barges. The mortgages are to be registered no later than three months after each drawdown.
Tiga Beruang Kalifornia Pte Ltd, BSA Logistics’ controlling shareholder, will also provide a corporate guarantee for the facility.
BSA Logistics did not disclose the number or type of vessels to be purchased beyond stating that the facility would be used for vessel purchases.
The company said the transaction would not have a material adverse impact on its operations, legal position, financial condition, or business continuity.
BSA Logistics is part of the Waresix Group, listed on the Indonesia Stock Exchange in April this year. It operates in multimodal transportation, warehousing and storage, cold storage, and general and specialised cargo transportation.
