Paribas buys Dynaplast

JAKARTA (JP): European investment and banking firm Paribas has bought about nine million Dynaplast shares or 7 percent of the company.

The European company's manager in Indonesia, Patrick Egron, said yesterday Paribas had been present in Indonesia for 22 years through a representative office and Paribas-BBD Indonesia, a joint venture bank with Bank Bumi Daya.

Paribas' total assets and equity last year were US$270 billion and $15 billion respectively.

Meanwhile, PT Dynaplast, which makes plastics, electrical cables and wire, will use the proceeds of its second right issue to set up new factories in Indonesia and India, strengthen its working capital, and to increase its stake in its subsidiary, PT Dynaplast Cubic Indonesia, to about 70 percent. (bnt)