Hanil leasing sets up joint financial venture

JAKARTA (JP): The Hanil Leasing Company Ltd. of South Korea and its Hong Kong-based Hanil Leasing & Finance Ltd. affiliate have joined with PT Bakrie Capitanindo Corporation to establish a financial company, PT Hanil Bakrie Finance Corporation.

The inaugural reception for the new company's establishment was held at its office at the BRI Tower yesterday.

Present at the inaugural party were Korean Ambassador Hyung Ki Min, president of Hanil Leasing Kim Suk Kyu, managing director of Hanil Leasing & Finance Jong Bok Chang and chairman of the Bakrie Group Aburizal Bakrie.

A senior vice president of the new company, Chung Sung-chae, said the firm was established with an authorized capital of Rp 45 billion (US$20.08 million), including a paid-up capital of Rp 15 billion.

Hanil Leasing Company controls 70 percent of the shares in the new company, Hanil Leasing Finance 15 percent and PT Bakrie Capitanindo the remaining 15 percent, he said.

The new company is to operate in financial services, including supplying funds for capital goods, leasing, factoring and consumer financing.

"Hanil has been one of our major partners, together with the Asian Development Bank, in PT Bakrie Finance Corp. since 1991," Aburizal said.

The Seoul-based Hanil Leasing Company is an incorporated joint venture company between Hanil Bank of Korea, Tokai Bank of Japan and Central Leasing Company of Japan. It is one of the top ranking leasing companies among 43 operating in South Korea. Its current value of leased assets was US$2.5 billion as of March 1995.

Hanil Leasing & Finance was established by Hanil Leasing Company in 1993, with total assets as of last year recorded at US$136 million.

Bakrie Capitanindo Corporation, formerly PT Bakrie Nusantara Corporation, which was founded in 1989, is engaged in a broad range of non-industrial Bakrie Group investments with total assets of US$267.5 million as of 1993.

The newly established Hanil Bakrie Finance Corporation has Kab Jong Paek as chief commissioner and Seung Keun Hong as chief executive.(kod)