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.