PT Asiana plans company with Wang Film Production

PT Asiana plans company with Wang Film Production

JAKARTA (JP): Publicly-listed toy manufacturer PT Asiana IMI Industry plans to establish a joint-venture toy-production company with Taiwan-based Wang Film Production Company next year, an executive said yesterday.

Speaking after an extraordinary shareholders' meeting, Asiana director Abdul Muchni said the planned joint-venture company, to be called PT Asiana Wang Animation, will have a paid-up capital of US$2 million and an authorized capital of $5 million.

He said that Asiana will hold 60 percent of the company's shares and Wang will hold the rest.

Abdul said the company will cooperate with Asiana to produce toys and other products using popular animation characters from films.

He added that Asiana, which exports about 60 percent of its products, mainly to European countries, produces toys with a number of foreign brands.

"With the technical assistance of our partner, Wang, Asiana will produce toys using Indonesian animation characters like Gatotkatja," said Abdul.

Yesterday's meeting also endorsed the management proposal that Asiana diversify its business into the production of consumer goods next year. The meeting elected Edward Sumarly as its president to replace Winarto Alim.

Abdul said that, during the first six months of this year, Asiana booked Rp 35 billion in sales revenues.

Last year the company registered a 142 percent increase in its revenues to Rp 25.46 billion, from Rp 10.51 billion in 1993. (08)