SINGAPORE - Mainboard-lisetd commodity trader Noble Group said on Tuesday that its wholly-owned and controlled subsidiary, PT Equatorial Coal Abadi, has subscribed for new shares in three Indonesian companies amounting to US$7.5 million (S$10.12 million).
The companies will together form a fuel storage, supply and distribution network in the Sumatra and Java regions, meeting demand from the palm oil, power, and mining industries .
The subscriptions were wholly satisfied in cash and funded from internal resources.
Noble is investing US$3.5 million for 51 per cent in PT Sriwijaya Inti Daya, US$1.5 million for 49 per cent of PT Sriwijaya Multi Terminal and US$2.5 million for 49 per cent of PT Karimata Baru Terminal.
The first company will become a group subsidiary, with the other two, associates.
Noble shares closed unchanged at 88.5 cents on Monday.