Bumi Armada unit buys stake in Indonesian firm

15-Dec-2011 Intellasia | The Star | 7:01 AM

Bumi Armada Bhd’s wholly-owned subsidiary Bumi Armada Offshore Holdings Ltd has acquired 1,225 shares representing 49 percent of the issued and paid-up share capital of Indonesian ship owner and operator PT Armada Gema Nusantara.

In an announcement to Bursa Malaysia, Bumi Armada said its acquisition of a stake in Armada Gema, which was formerly known as PT Panca Surya Tunas Jaya, was to facilitate the future expansion plan and operations of Bumi Armada Group in Indonesia.

The remaining 51 percent of the issued and paid-up share capital of Armada Gema is held by PT Gema Marine Service, a company incorporated in Indonesia.

“The subscription is not expected to have any material impact on the earnings or net assets of the Bumi Armada Group for the financial year ending December 31, 2011,” it said.

http://biz.thestar.com.my/news/story.asp?file=/2011/12/13/business/10083893&sec=business