Tuesday, 17 April 2012

APM Automotive sets up Indonesian subsidiary to sell automotive parts

KUALA LUMPUR (April 17): APM AUTOMOTIVE HOLDINGS BHD [] is setting up a subsidiary in Indonesia to manufacture and sell automotive parts for the republic’s market.

In a filing Tuesday, APM Automotive said the Indonesian authorities had approved the deed of establishment of PT. APM Auto Components Indonesia (PT. APMACI).

The company said PT APMACI would carry on a project to manufacture and sell automotive heat exchange products, namely, air-conditioning cooling system, evaporators, condensers, cooling modules and radiators for the Indonesian market.

The manufacturing facility will be located on an industrial lot of land area measuring approximately 38,077 sq meters at Suryacipta Industrial City in Karawang, West Java, it said.

APM Automotive said completion of the facility was expected end 2012 with operations to commence in the second quarter of 2013.

“Under the Investment Registration of PT. APMACI, the company is also permitted to carry out the business of property rental.

“The total capital and investment outlay for the project will be approximately US$10.9 million, financed by internal funds,” it said.

APM Automotive said PT APMACI’s total issued and paid-up share capital would be US$10 million and would be subscribed for by two of its 100% owned investment holding companies , namely APM Automotive International Ltd, which would hold 6.4 million shares (80%) and Auto Parts Holdings Sdn Bhd, wwith 1.6 million shares (20%).

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