SINGAPORE (Yosefardi) – PT Fedsin Rekayasa Pratama, subsidiary of Federal International (2000) Ltd, has sold 16% shares in its Indonesian Ingersoll Rand air-compressors, PT Indoenergi Perkasa, to PT Gunanusa Utama Fabricators.
The sale was completed for US$100,000. PT Indoenergi is incorporated in Indonesia and its sole operating activity was the sale and distribution of Ingersoll Rand air-compressors. PTIP has been inactive since January 2012.
As Federal has 20,66% shares in PT Gunanusa, Indoenergi will cease to be an associated company of the Federal Group following the sale completion.
Federal International (2000) Ltd, an investment holding company, engages in the design, manufacture, assembly, distribution, and provision of flowline control products and services for the oil and gas, petrochemical, and refinery industries.