Great River, salim to form joint ventures

JAKARTA (JP): PT Great River International, a publicly-listed clothing producer, said yesterday it would set up two joint ventures with the Salim Group's PT Indomulti Inti Industry with a combined investment of Rp 200 billion (US$84 million).

Great River's president, Sunjoto Tanudjaja, told a press conference yesterday that Great River, through its subsidiary PT Inti Fashindo, would own 60 percent of a company to operate a department store; Indomulti would own 40 percent.

Great River is to own 40 percent of another company which will manufacture sports shoes and fashion products; Indomulti is to own 60 percent.

Sunjoto said that the department store would be operated under a ten-year franchising agreement with Hanshim Department Store of Japan.

"We will build a department store with a total space of 25,000 square meters at the Plaza Senayan shopping mall complex in Central Jakarta," Sunjoto said.

He said the planned department store is under construction and its first outlets are expected to open next year.

"Full operation of the department store is scheduled for early 1998," he said.

Publicly-listed Indomulti is a producer of Reebok, Puma and Adidas sports shoes which are mostly for export. (alo)