SINGAPORE (Yosefardi) – Rotary Engineering Limited has completed the acquisition over 10% shares in PT Orbit Terminal Merak (OTM) for US$1.15 million.
OTM is an independent bulk storage terminal for petroleum products in Indonesia that will serve as a distribution terminal to the rest of the country. OTM has secured a long-term contract that will ensure optimal utilization of the terminal.
This transaction was fully funded through internal funds. In September 30, 2014, Rotary Engineering informed that its a wholly owned subsidiary ORO Storage Asset Management Pte Ltd had proposed the acquisition over OTM including a loan of US$18.2 million to support the operations.