Clemont changes name

JAKARTA (JP): PT Clemont Finance Indonesia Corporation, a multifinance arm of the KORINDO Group, yesterday changed its name to PT DongNam Clemont Finance Indonesia due to the entrance of DongNam Bank of Korea as its new partner.

Chairman of the KORINDO Group Seung Eun-Ho said that DongNam currently owns a 50 percent stake in the joint venture, while Clemont Financing Co. Ltd. holds a stake of 35 percent and PT Tecwin Jaya Development 15 percent

He said KORINDO, through Clemont Financing, previously controlled the firm with 85 percent share ownership, while Tecwin's position is unchanged. (alo)