New joint venture bank to be established

New joint venture bank to be established

JAKARTA (JP): Shareholders of two companies, PT Tamara Bank and
PT Charoen Pokphand Indonesia, approved yesterday plans on the
establishment of joint venture companies to meet increasing
market demand for their services and products.

Hendrik Suhardiman, a senior vice president of Tamara Bank,
said after the bank's annual meeting yesterday that a joint
venture bank, to be called Chinatrust Tamara Bank, will be set up
with a total investment of Rp 100 billion (US$44.7 billion).

He said that the joint venture bank, 85 percent owned by
Chinatrust Commercial Bank of Taiwan and 15 percent by Tamara
Bank, is expected to start operation in September.

He also said that Tamara Bank will open eight branch offices
this year in a number of cities such as Jakarta, Surabaya in East
Java, Semarang in Central Java and Padang in West Sumatra.

The bank's shareholders also approved the distribution of
dividends worth Rp 2.88 billion in the form of 72 million shares
at the end July, he said.

The bank's net profit increased to Rp 12.55 billion last year
from Rp 8.01 billion in 1993, while its assets as of last
December increased to Rp 1.5 trillion from Rp 1.1 trillion as of
the end of 1993, he said.

He said that the bank's assets are expected to further
increase to Rp 2 trillion by the end of this year.

Meanwhile, Yusry Surjadi, vice president of Charoen Pokphand
Indonesia, said that the company's shareholders approved its
management's proposal on the establishment of a joint venture
company, to be called PT Centralpertiwi Bratasena, which will
develop 15,000 shrimp ponds on a total area of 23.900 hectares in
Lampung, southern Sumatra.

Charoen Pokphan is a Hong Kong-Indonesian joint venture
operating in the manufacture of poultry and shrimp feed.

Yusri said that the planned joint venture will likely start to
produce about six tons of shrimps in October and export its
produce to Japan and the United States.

He said that the new company will be 31 percent owned by
Charoen Pokphan Indonesia, 10 percent by PT Bratasena Perkasa
Kencana, 18 percent by Charoen Pokphand Freedmill Public Co. Ltd.
of Thailand, seven percent by Charoen Pokphand Group Co. Ltd. of
Thailand, 10 percent by Everwell Developments Ltd. of Hong Kong
and 24 percent by Progressive Enterprises Ltd. of Thailand.(32)