PT PP (Persero) Tbk ("The Company"), one of the leading construction and investment companies in Indonesia together with PT Hyundai Engineering & Construction ("Hyundai E & C"), signed a Memorandum of Understanding (MoU) related to the exploration of cooperation on Wednesday (19/06/2019) at the PTPP's Head Office in Jakarta. The signing of the MoU was represented by Abdul Haris Tatang as Director of Operations 3 of the Company and Sang-Hoon Seo as Executive Vice President of Procurement Division of Hyundai E & C. In addition, the Company's Management and Hyundai E & C management were also present at the signing ceremony.
Hyundai E & C is an international EPC contractor who is currently looking for a global strategic partner that aims to enhance the advantages of technical and commercial complements and promote its business opportunities in the international construction market, especially in Indonesia. Meanwhile, the Company as one of the construction & investment companies in Indonesia is interested in becoming a long-term business partner and joining Hyundai E & C where the Company has technical resources, financial capabilities, expertise and has various experiences in their fields.
The signing of the MoU is a reference between the Company and Hyundai E & C to explore business opportunities as global strategic partners in cooperation between the two parties and for the mutual benefit of each other. The synergy carried out by the Company and Hyundai E & C as the two construction & investment companies is expected to provide optimal results for both parties and can add to the portfolio of each company.
As a follow-up to the signing of the MoU today, both parties will introduce each other the construction projects related general construction, EPCs & investment opportunities in Indonesia and abroad including EPC projects, Infrastructure projects, building projects and others. In addition, both parties will explore and evaluate the possibility of cooperation in projects and exchange information or data that may be needed reasonably. With the signing of this MoU, it is hoped that business synergy will be created with a principle that is mutually beneficial for both parties.