Sinar Mas sets up venture<\/p>\n
JAKARTA (JP): Publicly-listed PT Sinar Mas Multiartha, the
\nholder of financial firms in the Sinar Mas Group, said over the
\nweekend that it has set up a joint venture with Asian Banking
\nCorporation and Daehan Investment Trust Co. Ltd. of South Korea.<\/p>\n
Sinar Mas stated that it holds a 30 percent stake in the
\nventure, called PT AB Sinar Mas Multifinance, while Daehan
\ncontrols a stake of 30 percent and Asian Banking 40 percent.<\/p>\n
The venture is to officially commence operations today.<\/p>\n
The president of the venture, Soon Kie Min, said the company
\nwill have an authorized capital of Rp 100 billion (US$42 million)
\nand a paid capital of Rp 25 billion.<\/p>\n
Sinar Mas Multiartha went public in July last year as a
\nmultifinance company. Early this year, it changed its line of
\nbusiness into treasury management and loan arrangement and became
\nthe financial holding company of Sinar Mas Group.<\/p>\n
The change of the business lines was done to comply with the
\ngovernment's ruling on multifinance companies issued in December
\nlast year, which stipulates that a multifinance interest in its
\nsubsidiaries must not exceed 25 percent of the subsidiary's paid
\nup capital and 40 percent of its own capital.<\/p>\n
Sinar Mas Multiartha currently owns a 51 percent interest in
\npublicly-listed Bank Internasional Indonesia, a 100 percent stake
\nin PT Asuransi Sinar Mas, a 100 percent stake in PT Sinartama, a
\n100 percent stake in PT Sinar Securitas, and a 30 percent in PT
\nSummit Sinar Mas Finance, a joint venture with Sumitomo Bank of
\nJapan. (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sinar-mas-sets-up-venture-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}