Hashim joins Bank Pelita

Hashim joins Bank Pelita

JAKARTA (JP): Hashim S. Djojohadikusumo, the president of PT
Semen Cibinong, has acquired a majority stake in Bank Pelita,
according to a report yesterday in the leading business daily,
Bisnis Indonesia.

The takeover deal was unanimously approved by the bank's
shareholders at their meeting in February, a source at the bank
reportedly said.

Hashim, with business interests ranging from cement production
to coal mining to power generation, was reported to have replaced
all members of the bank's board of management.

Bank Pelita, established in 1967, was majority-owned by Eka
Tjipta, the chairman of the Sinar Mas Group, until, in 1992, he
sold his stake in the bank to Boediarto Boentaran, a local
businessman.

The bank's new management board includes president Okie R.
Lukita and directors Maria Nila Sidharta and Alfred. They have
replaced, respectively, Ryza J. Adam, Sani Sudjana and John
Herry.

The bank, with a paid-up capital of Rp 10 billion (US$4,5
million), suffered major setbacks during the past three years as
a result of fierce new competition in the banking industry.

The bank's before-tax profit plunged to Rp 417 million last
year, from Rp 1.5 billion in 1993 and a peak of Rp 4.18 billion
in 1992. (hen)