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)