Kyodo News International (Tokyo) -- Marubeni Corp. said Wednesday it has boosted its stake in PT Surya Artha Nusantara Finance, a construction machinery financing firm of Indonesia's PT Astra International Tbk group, to 40 percent from 4.9 percent for 1 billion yen.
Expecting rapid growth in demand for construction machinery in Indonesia, the Japanese trading house said it aims to expand its financing business by strengthening its bond with the Astra group, which possess a wide retail network in the country.
Surya Artha issued new shares solely to Marubeni earlier this month for the stake hike. The Astra group holds the remaining 60 percent stake in the Jakarta-based company.
Marubeni said it has been engaged in exports of construction machinery by Japan's Komatsu Ltd. to the Astra group amid active infrastructure building in Indonesia.
Kyodo News International (Tokyo)
February 08, 2006