RI, FOREIGN FIRMS TIE UP:

RI, FOREIGN FIRMS TIE UP:

JP/alx

South Korea's Samsung Corp, Japan's Nissho Iwai Corp and
Indonesia's PT Suryamas Dutamakmur have entered a US$2.7 billion
venture to develop a residential and commercial complex in Bogor,
West Java. Executives from the three firms signed a contract in
Jakarta yesterday. Suryamas will own 60 percent of the venture,
while Samsung and Nissho Iwai will each have 20 percent. (from
left to right) Samsung Corp's vice chairman, Min J.H, Suryamas
Dutamakur's chief commissioner, Yoga Soegama, Samsung's
president, Kenneth Lian, Nissho Iwai Corp's vice president,
Matamitsu Goto, and PT Suryamas Dutamakmur's commissioner Piet
Yap. Samsung was quoted by AFP as saying in Seoul the three
companies would initially invest $500 million to build a new
town, 36 kilometers southeast of Jakarta. (rid)