Espoo, Finland, 2015-01-30 08:00 CET (GLOBE NEWSWIRE) --
Dovre Group Plc Press Release January 30, 2015 at 9:00 am
CHANGES IN DOVRE GROUP’S ASSOCIATE COMPANIES SARARASA
Since 2012, Dovre Group has been a minority shareholder in SaraRasa Bioindo Pte. Ltd. ("Bioindo"). Bioindo is a pellet producer using sustainable waste materials. Dovre Group has also been a minority shareholder in SaraRasa Biomass Pte. Ltd ("Biomass"), a project development company based in Singapore.
The owners of Bioindo and Biomass have agreed to simplify the structure of both companies, to widen the ownership base of Bioindo, and to relocate Bioindo’s existing pellet production line from Selat to Surabaya in Indonesia.
Once the restructuring is complete:
- all current owners of Bioindo (Dovre Group, Finnfund, Biomass and Stahl Capital) will continue as shareholders of Bioindo
- Navdata Ltd, a Finnish company, will become a new shareholder in Bioindo
- Dovre Group will hold 28.9% of the shares in Bioindo
- Dovre Group will no longer hold shares in Biomass
Surabaya, the new location of the pellet production line, offers better infrastructure, logistics and feedstock. After relocation, the production capacity will increase to 75 000 t/a, the production costs will decrease and the quality of the end product will improve. Bioindo plans to build a second pellet production line once the production line in Surabaya is in commercial operation.
Dovre Group’s investment in Bioindo is not part of Dovre Group’s core business.
For further information, please contact:
Dovre Group Plc
Patrick von Essen, CEO
tel. +358 (0)20 436 2000
patrick.essen@dovregroup.com
www.dovregroup.com
Dovre Group is a global provider of project management services. Dovre Group has two business areas: Project Personnel and Consulting. In 2013, the Group’s net sales were EUR 98.5 million. Dovre Group employs over 470 people worldwide. Dovre Group is listed on the NASDAQ OMX Helsinki (symbol: DOV1V).
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Major media