Hashim replaces Jopie in Bank Papan

Hashim replaces Jopie in Bank Papan

JAKARTA (JP): Hashim Djojohadikusumo replaced Jopie Wijaya on
the board of commissioners of Bank Papan Sejahtera following
Jopie's resignation, the company said yesterday after an
extraordinary meeting of it shareholders.

Hashim also got four of his business associates appointed to
the company: Honggo Wendratno and Priaswiajanto Sabrawi on the
board of commissioners, and Al Njoo and Kemal Karyadana on the
board of directors.

Bank Papan's president, A. Asmuadji, told reporters that the
replacement was due to the resignation of several executives but
he declined to elaborate.

In the last six months, Bank Papan's controlling shareholders
have changed twice. Jopie Wijaya surprised the market when he
took over the bank on May 13 through a series of transactions on
the Surabaya Stock Exchange. Through PT Infinity Wahana, Jopie
then became the largest single shareholder with 22.5 percent of
its total outstanding shares, pushing Bank Indonesia to the
second position.

But on Aug. 4, Hashim, through PT Tunasmas Paduarta, bought
19.8 percent of the bank's shares, 11.25 percentage points of
which was Jopie's.

Hashim said yesterday that the replacement of several
executives would not necessarily change Bank Papan's mission. The
bank's primary operations will remain in the financing of home-
ownership.

"I have asked the management to gain 10 percent of the total
mortgage market this year," Hashim said.

The company also announced yesterday that the stockholders
have changed in the last three months. As of Nov. 16, the top
five stockholders were PT Tunasmas Paduartha (holding 19.8
percent), Bank Indonesia (13.11 percent), Chase Manhattan
Singapore (9.39 percent), Somers Nominees Ltd. (8.82 percent) and
SBC Warburg Hong Kong (8.44 percent). (10)