PETALING JAYA: Hospital bed maker LKL International Bhd
is joining hands with an Indonesian partner to manufacture, sell and distribute medical equipment, medical devices and medical furniture in the republic.
In a filing with Bursa Malaysia yesterday, LKL said it had entered into a joint venture (JV) and shareholders agreement with PT Fasilitas Teknologi Nusantara (Fastech).
A new JV company, PT LKL Indonesia Makmur, will be incorporated, in which LKL will control a 51% equity interest for a share capital of 5.1 billion rupiah (RM1.4mil).
LKL will fund its investment in the JV company through its internally generated funds.
Meanwhile, Fastech will own the remaining 49% for a share capital of 4.9 billion rupiah.
Fastech is principally engaged in the business of providing workforce solutions throughout Indonesia.
The JV is expected to be completed by the fourth quarter of 2024.
