Sime says no RI venture plan

Sime says no RI venture plan

KUALA LUMPUR (Reuters): Malaysian conglomerate Sime Darby Bhd said yesterday it has no plans to start a joint venture bank in Indonesia.

"It's not true," a company official told Reuters by telephone, referring to a news report that Sime's banking arm plans to establish joint bank operations in Indonesia.

The national Bernama news agency on Monday reported Indonesian Sports and Youth Minister Hayono Isman as telling President Soeharto about a plan by conglomerate Sime Darby to start a joint venture bank with Indonesia.

He was quoted as saying the bank would be mainly managed and operated by youths, with the majority 85 percent stake held by Sime Darby.