Nam Cheong invests in Indonesian joint venture

Malaysia-based offshore vessels builder Nam Cheong has entered into an agreement with Indonesia-based Bahtera Niaga Internasional (BNI) to jointly invest in a shipping firm in Indonesia.

The joint venture company, Bahtera Niaga Indonesia, is aimed at seizing opportunities in the offshore Indonesian market through owning, operating and chartering of offshore support vessels (OSVs), according to Nam Cheong.

Nam Cheong will acquire 49% of the equity stake in Bahtera Niaga Indonesia from BNI at a price of $1.5m.

“The joint venture will help to enhance the group's vessel chartering operations and grow its recurring income stream through the utilisation of BNI's ship management and crew expertise,” Nam Cheong said.

It added that it believes the joint venture is in line with the company's intention to grow its presence in the Indonesian market.

Posted 19 September 2013

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Lee Hong Liang

Asia Correspondent

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