Magnus Energy inks deal to jointly manage construction projects in Java

It will provide up to $2 million as working capital.

A subsidiary of Singapore-listed Magnus Energy has entered into an agreement with Indonesian company PT Hanjungin to jointly manage an infrastructure construction project in West and Central Java.

The projects are expected to be completed within six months.

Magnus Energy said that the deal will allow the company to participate in the management and net profits of the road project. Magnus Energy will provide up to $2 million as working capital for the project for a period of up to six months.

The project is expected to have a positive effect on Magnus Energy's net tangible assets per share and earnings per share for the current financial year.