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)