Hastin raises capital

Hastin raises capital

JAKARTA (JP): PT Asuransi Hastin Utama, a general insurance firm, announced yesterday an increase in its capital to Rp 7 billion (US$3.05 million) from Rp 3 billion previously.

The insurance company's president Frits Triman said that the additional capital of Rp 4 billion was provided by two existing shareholders, PT Global Mega Investindo and PT Minsuco Inti Finance and a new shareholder PT Puri Dana Mandiri.

The injection of the fresh capital into the insurance company changed the ownership of the three shareholders to 28 percent respectively. The remaining 16 percent of Asuransi Hastin's shares are held by Anton Setiawan and PT Aspac Finance.

Frits said that the additional capital is expected to strengthen the insurance company's financial position and to beef up its underwriting capacity.

Along with the capital increase, the company also announced the restructuring of its management. The company, however, did not disclose the composition of the new management team. (hen)