Scientex enters JV in foray into Indonesian property project

From left: Scientex executive director Koay Teik Chuan, CEO Lim Peng Jin, Mustika Land finance director Felix Widjaja, CEO David Sudjana, Creed Group founder and managing director Toshihiko Muneyoshi and managing director Masanobu Kamiyama

KUALA LUMPUR: Scientex Bhd has entered into a joint venture with Indonesia's Mustika Land and Japan's Creed Group as it makes its maiden foray into building affordable homes in Indonesia.

In a statement, the global packaging manufacturer and property developer said its wholly owned subsidiary Scientex Quatari Sdn Bhd will own a 20% stake in the JV while PT Graha Mustika Tamansari will hold a majority 60% and Creed Property PH-1 Pte Ltd (CRD) the remaining 20%.