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Krakatau Steel raises its stake in Indo Japan to 20 Percent
TEMPO Interactive, Jakarta:State steel maker Krakatau Steel has said it had raised its stake in Indo Japan Steel Center to 20 percent from 10 percent previously.
The transaction had received a seal of approval from the general meeting of Indo Japan shareholders held on July 23, 2012. Krakatau Steel President Director Irfan Hakim said the decision to raise stake in the Japanese company followed wish to increase steel supplies to the industrial sector, the automotive industry in particular.
By holding a 20 percent stake in Indo Japan, Krakatau Steel will place one of its officials in the Japanese company's board of directors as financial director, he said. ANTARA NEWS