Posindo's new subsidiary

BANDUNG (JP): State postal company PT Pos Indonesia has set up a subsidiary, PT Prima Teleposmart, to distribute state-owned PT Telkom's telecommunication products and services, an executive said yesterday.

PT Prima Teleposmart president Srijoto said in Bandung the company, established last October, had an authorized capital of Rp 1 billion (US$416,319).

Srijoto said PT Pos Indonesia owned 40 percent of the new company while PT Teleposindo's cooperative and pension funds each owned 20 percent and the Merdeka Kertaraharja foundation 20 percent.

The company has started distributing telephone chips made by PT Telekomindo and will sell cellular telephones and services at post offices soon. (21/02)