Jakarta, March 5, 2012 – In accordance to its efforts to diversify into mining industry, PT Agis Tbk. (“Agis”) along with Fujian Xinjifu Enterprise Co., Ltd. (“Xinjifu”) have signed a Joint Venture agreement to enter the mining industry on December 17, 2011 in Fuzhou, China. Agis and Xinjifu agreed to jointly invest into mining assets and operations in Indonesia.
As the next step, on diversifying its business into the energy and resources sector, on Monday, March 5, 2012, Agis has meet again with Xinjifu to sign the establishment of the Joint Venture Company, named PT Agis Resources.
Agis will own 51% (fifty one percent) the ownership of PT Agis Resources. While Xinjifu will holds 49% (forty nine percent) of the remaining shares. Approved working capital is USD 50 million, which will be paid in several stages proportionately to PT Agis Resources needs.
After the establishment of PT Agis Resources, the new entity will execute the exclusivity agreement that has been made previously by Agis with the owner of gold mining concessions in West Sumatera for the next step. PT Agis Resources will acquire majority stakes on the gold mining concessions. Hopefully, by the second half of 2012, PT Agis Resources could start producing alluvial from the gold mining concessions. PT Agis Resources will also continue to explore further on other gold mining concessions in West Sumatera.
PT Agis Tbk at a glance.
Agis was founded more than 30 years ago as a manufacturer and exclusive distributor of Sony products in Indonesia. Currently, Agis is a fully integrated corporation of electronic goods. Agis not only continue to represent Sony in Indonesia, but also other brands. Distribution network of electronic goods spread out on more than 1000 independent retail stores throughout Indonesia. Agis also has after-sale service network spread across 25 service centers throughout Indonesia. Agis is currently trying to diversify into natural resources business.
Fujian Xinjifu Enterprise at a glance
Founded in 1994, Xinjifu is a Chinese private company that invests in the business of mining and production, manufacturing (processing plant), and are also on trading in basic metal products and other commodities. Xinjifu has some assets and investment in mining operations in Malaysia and other countries in Asia. Fujian Xinjifu Enterprise Co., Ltd. is part of Xinjifu Group. Xinjifu Group annual turnover has reached more than U.S. $ 1 billion, managing capital and assets worth more than US $ 500 million. Through this Joint Venture, Agis with Xinjifu will invest in prospective mining sector in Indonesia