Hong Leong to buy Karimun

Building materials company Hong Leong Asia said Monday, it has signed an agreement with PT Pendawa Sempurna, Savile Row Developments Ltd and Iwan Valiant Joesoef to acquire as 80 percent stake in PT Karimun Granite, the largest hard rock mine in southeast Asia, for US$27.20 million.

The acquisition, which is subject to due diligence and approval by Indonesian authorities, is expected to be completed by Oct 31. (*)