Soft drink maker Ito En Ltd. said Monday it has signed a deal with Indonesian nonalcoholic beverage maker PT Ultrajaya Milk Industry & Trading Co. to set up joint ventures in Jakarta in September to make and sell soft drinks.
One of the two ventures, PT Ultrajaya Ito En, to be owned 45 percent by Ito En's Singaporean arm, Ito En Asia Pacific Holdings Pte. Ltd., and 55 percent by the Indonesian ally, will manufacture nonalcoholic beverages, it said. The other, PT Ito En Ultrajaya, to be owned 55 percent by the Singaporean subsidiary and the remainder by the Indonesian firm, will sell the products.