Jakarta, 16 May 2013 – UMW M&E Sdn. Bhd., a wholly-owned subsidiary in the UMW Group, today announced its joint venture with the Blue Bird Group (BBG) of Indonesia through the latter’s nominee, PT Pusaka Sukucadang Indonesia to provide lubricants, automotive components and service centre operations in Indonesia. The collaboration is part of UMW’s strategy of moving up the value chain of its manufacturing & engineering operations.
The authorised share capital of the Joint Venture Company at the date of incorporation will be USD4,000,000 made up of 4,000,000 ordinary shares of USD1.00 each. Under the agreement, UMW M&E and BBG will jointly establish a Joint Venture Company in Indonesia with an initial paid-up share capital of USD1,000,000 divided into 1,000,000 ordinary shares of USD1.00 each in the proportion of 49% UMW M&E and 51% BBG.
The Blue Bird Group is one of Indonesia’s leading transportation companies with operations in major cities including Jakarta, Bali and Bandung. It currently has a fleet of more than 26,000 vehicles. BBG is one of the first Indonesian companies to implement the strict use of metered-taxis and radio communications in air-conditioned vehicles in Indonesia. The group has expanded its business to cover five main areas – passenger transportation, logistics services, industrial/manufacturing, property and support services.
The joint-venture will be UMW M&E’s first foray to penetrate the Indonesian market. “With this platform, UMW and BBG will be able to explore other potential businesses in Indonesia”, said UMW President and Group CEO, Datuk Syed Hisham Syed Wazir. He added that the proposed joint venture marks a significant step for UMW to further strengthen and solidify its core bases and more importantly, as an impetus towards a new frontier in its quest to penetrate new high growth market.
The agreement was signed on-behalf of UMW by Datuk Syed Hisham Syed Wazir while Ms. Noni Purnomo, President Director of PT. Pusaka Sukucadang Indonesia signed on-behalf of the Blue Bird Group. Also present to witness the signing ceremony were UMW Board Members, Dato’ Dr Nik Norzrul Thani and Dato’ Mohd Nizam Zainordin. Witnesses from the Blue Bird Group were President and Director, Dr Haji Purnomo Prawiro, and Mr. Kresna P. Djoksoetono, the President Commissioner of PT. Pusaka Sukucadang Indonesia.
