Metrodata sets up a joint venture with Logicalis

JAKARTA: PT Metrodata Electronics Tbk plans to set up a joint venture company with its subsidiary PT Mitra Integrasi Informatika and a United Kingdom-based Logicalis Group Limited United.In an information disclosure today, the company said all parties signed term sheet on July 12. The joint venture company will focus on network service provider. Metrodata Electronics will own 49% and Logicalis Group Limited will hold the other 51%.Metrodata Electronics targets a 10% growth in net income to IDR33.48 billion this year. Meanwhile, its revenue is projected to jump 16% to IDR4.58 trillion.As earlier reported, the company said it will grab US$500 million from distribution business in the next three years in line with the development of information and technology. Metrodata Electronics booked US$220 million from distribution business last year through its subsidiary PT Metrodata E Bisnis. Distribution business contributed 50% to the total revenues.Metrodata Electronics net income declined 8.92% to IDR13 billion in the first quarter this year.The MTDL-coded stock declined 0.82% or IDR1 to IDR121 as of 2.24 p.m. local time at the Jakarta Stock Exchange. (NOM)