Japan's trading company Hanwa Co Ltd is contemplating setting up its metal scrap recycling joint venture in suburban Surabaya,Indonesia as PT Hanwa Royal Metals under the agreement reached between Hanwa's two subsidiaries and PT Indonesia Royal Resources.The two Hanwa subsidiaries are Hanwa Singapore(Private)Ltd and PT Hanwa Indonesia.
The establishment of PT Hanwa Royal Metals is scheduled for February 2013 with a paid-up capital of USD 3,800,000.Of the paid up capital,Hanwa Group and PT Indonesia Royal Resources are supposed to bear 51%and 49%respectively.
There are provisions for the two Hanwa subsidiaries to transfer their metal scrap recycling operations to PT Hanwa Royal Metals on the occasion of its establishment.Until now,the two Hanwa subsidiaries have promoted their metal scrap recycling projects together with Indoprima Group.
Source-The TEX Report