Paradise Ridge Hydrocarbons Inc. of Scottsdale, Arizona recently announced that Far East Ventures Holdings Ltd. — an investment holding company with which it is finalizing a merger — has started a joint venture with an industrial and mining group based in the Philippines.
The joint venture is for distributing and supplying cement and building products within the Philippines as well as Indonesia’s Northern Sulawesi Province.
The joint venture pact gives Far East Ventures Holdings a cement plant located in Cebu, Philippines. The plant will grind and process raw cement (clinker). This cement is brought to the Philippines from Vietnam and China.
After the cement is processed, it will be exported to Indonesia’s Northern Sulawesi Province. At that stage, workers will package and then distribute the products.
"This joint venture acquisition of the Cebu cement plant positions Paradise Ridge to grow its corporate presence in Indonesia,” David Naylor, CEO of Paradise, said. “Our partner, Far East Ventures, has invested in completing this strategic transaction and the Far East Ventures and Paradise vision is becoming a reality."
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