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)