Jeewon Jaya donates scholarship funds

JAKARTA (JP): PT Jeewon Jaya Indonesia, an export-oriented producer of car stereos, satellite receivers and other electronic components, in Bekasi, West Java, has donated Rp 120 million (US$55,045) to Indonesia's educational development.

The Indonesia-South Korean joint venture made the donation in the form of scholarship funds to coincide with the listing of 6.1 million shares or 50 percent of its common stocks on the Jakarta stock exchange yesterday.

Of the total funds, Rp 100 million were given to the University of Indonesia and Rp 20 million to a state-run technical high school located near the Jeewon industrial complex.

Jeewon Jaya's President Inhyun Chung said at a cocktail party held at the Shangri-La Hotel yesterday that his company's sales turnover was estimated to increase to Rp 55.8 billion this year from Rp 31.3 billion last year.

"My company is the first Indonesian-Korean Joint venture to go public. But I am sure more Korean companies will float their shares on the Jakarta Stock Exchange in the near future," Chung added. (vin)