RI-Aussie venture operates

JAKARTA (JP): Australian Prime Minister Paul Keating last night initiated the operation of an Indonesian-Australian joint venture, PT AMP Panin Life, which will offer various insurance services to middle and upper income clients.

At a reception here last night, Keating unveiled the logo of the joint venture, which will operate with capital of A$100 million (about US$72.2 million).

Last night's reception was attended Minister of Finance Mar'ie Muhammad.

The president of AMP Panin Life, Barry Tomkinson, said the joint venture is 70 percent owned by the Australian Mutual Provident (AMP) Society, an Australian life and financial services company, and 30 percent by PT Panin Life.

He said AMP Society will bring expertise from Australia, New Zealand and Britain to Indonesia to support the joint venture's business. (yns)