JAKARTA - Indonesia's prominent education group PT Budhi Lestari teamed up on Friday with two Singaporean training and education small and medium enterprises (SMEs) to set up education facilities with a US$20.5 million (S$26.2 million) investment in Indonesia.
The signing of memorandums of understanding (MoUs) for the cooperation was witnessed by Cooperatives and SMEs Minister Sjarifuddin Hasan and Singapore's Senior Minister of State for Trade and Industry and National Development Lee Yi Shyan on the sidelines of the 37th Asia Pacific Economic Cooperation (APEC) SME working group meeting.
Under the first agreement, PT Budhi Lestari will partner with Bridge Learning Group to set up two learning centers for students with learning difficulties in Jakarta. Meanwhile under the second agreement, PT Budhi's subsidiary, Raffles International Group of Schools, will establish a polytechnic in Jakarta together with Republic Education Group, according to Raffles CEO Gary Tan.
The learning centers will commence student intake in November this year, while the polytechnic will kick off operations next year, according to the firm's business plan.
PT Budhi Lestari is an education vehicle under the late William Soeryadjaya, the founder of Indonesia's conglomerate group PT Astra International Tbk.