Publicly listed Indonesian transport company PT Mitra Rajasa (JSX:MIRA) has plans to expand business in the oil and gas drilling industry.
The company will use Rp225 billion (US$22 million) in fund it hopes to raise from right issue next month to finance the business expansion, its chief commissioner Tito Sulistio said.
Tito said, Mitra, which earlier this year acquired a major drilling company Apexindo Pratama Duta at a price of Rp5.19 trillion, will team up with at least two other companies in the oil and gas drilling business.
Tito said Mitra also is eyeing business in technology to develop abandoned oil wealth in cooperation with unnamed Russian partner.
The company also plans to develop business in floating storage offshore (FSO), the newspaper Investor Daily quoted him as saying.Source: Yahoo Asia News
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