Hanil leasing sets up joint financial venture
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)