JAKARTA (Yosefardi) – Garment producer PT Pan Brothers Tbk (PBRX) sets up two joint venture (JV) companies, PT Eco Smart Garment Indonesia (ESGI) and Cosmic Gear Limited (CG) Hongkong.
The JVs are engaged in retail fashion, garment industry, and printing garment.
In ESGI, Pan Brothers will control 85% ownership while the rest is held by JV Partner. ESGI’s paid-up capital will be boosted to US$60 million from initial US$10 million.
Pan Brothers expects ESGI will double its revenue within next 5 years. ESGI will build 7 factories, of which 4 factories will commence operation by mid of 2014. Another 2 factories is target to operate by mid of 2015 and one other by mid of 2016.
Pan Brothers and its subsidiary PT Apparelindo Prima Sentosa (APS) also build smaller-sized JV, While Cosmic Gear Limited.