Bimantara sets up firm

JAKARTA (JP): The Bimantara Group, a conglomerate controlled by Bambang Trihatmodjo, in cooperation with Nissho Iwai Corporation of Japan, has established a multi-finance company called PT Artha Cakra Multifinance with capital of Rp 15 billion (US$6.8 million).

The joint venture company's president, Koji Shima, was quoted by Bisnis Indonesia on Saturday as saying that the firm will provide soft loans for Bimantara's automotive division and other companies.

The new company, which is 49 percent owned by Bimantara and 51 percent by Nissho Iwai, will also provide leasing and consumer finance services. (04)