Sunkyong-Tamara finance

Sunkyong-Tamara finance

SEOUL (Reuter): South Korea's Sunkyong Ltd said yesterday it has agreed with its sister firm Sunkyong Industry Co. Ltd and two Indonesian banks on a joint venture to set up a multi-finance company in the country.

A Sunkyong statement said it would hold a 59 percent stake in the joint venture and Sunkyong Industry a 15 percent share.

Indonesia's Tamara Bank and Rimba Bank will hold 21 percent and five percent respectively.

The joint venture, PT SK Tamara Finance, will have a paid-in capital of US$1.1 million and plans to start operation in August.