Bank Tiara, HLG Capital to buy securities house

Bank Tiara, HLG Capital to buy securities house

JAKARTA (JP): Jakarta-based Bank Tiara Asia and HLG Capital
Berhad (HLG Capital) of Malaysia have agreed to purchase PT
Intisekuriti Investama, an Indonesian securities house.

Under the agreement signed Monday, both companies will share
the company's capital equally. The purchase agreement includes a
seat on the Jakarta Stock Exchange and is conditional upon
regulatory approval.

PT Intisekuriti Investama is involved in brokerage, securities
trading, corporate finance and underwriting services.

Bank Tiara's president, Hendrick Kolonas, said the acquisition
was part of the bank's strategy to expand its services to its
corporate and retail clients.

"The joint venture with Bank Tiara represents our first
business partnership in Indonesia. We see Indonesia as a market
with great potential to expand our institutional and retail
markets," said HLG Capital's group managing director, Robert
Yeoh.

Bank Tiara, 51 percent owned by Ometraco Corporation, is
involved in consumer products, infrastructure, and financial
services. It is listed on the Jakarta and Surabaya stock
exchanges.

HLG Capital Berhad, a subsidiary of the Malaysian conglomerate
Hong Leong Group, is involved in investment banking activities,
including stockbroking, capital markets, futures trading and fund
management. It is listed on the Kuala Lumpur Stock Exchange.
(jsk)