Indonesian firm sets up subsidiaries in China

Indonesia's publicly-listed chemical logistics provider and distribution company PT AKR Corporindo has set up two subsidiaries in China after it acquired two Chinese firms' assets, a corporate executive said Thursday.

The two subsidiaries established in China were Guangxi Guigang AKR Container Port Co. Ltd (GGACP) and AKR (Guigang) Port Co. Ltd, AKR Corporindo president Haryanto Adikoesoemo was quoted by the Antara news agency as saying.

Haryanto said GGACP deals with cargo, unitized cargo, storage, transshipment, container, shipping lane agency and port management information services.

Some 80 percent of GGACP's total assets belong to AKR Corporindo and the remaining 20 percent is owned by China's Guigang City Government State Asset Supervisory and Management Council.

Source: Xinhua