Telagamas, Cipta tie up

JAKARTA (JP): Publicly listed PT Telagamas Pertiwi, a producer of shoes and related components, has agreed to take over 40 percent of finance company PT Cipta Inti Multiperdana to diversify its business into consumer financing.

Telagamas' president Sutikno said yesterday the company had signed an agreement last Friday to acquire the stake from PT Ometraco Arthaguna, PT Cipta's owner.

Ometraco still owns the remaining 60 percent of Cipta, whose paid-up capital is Rp 6 billion (US$2.46 million).

"By joining PT Cipta, we will be able to finance the customers of Telagamas' subsidiary companies," he said, adding that the cooperation was expected to improve the sales of his subsidiaries.

Telagamas' subsidiaries include PT Artha Graha Wahana, the distributor of Sony, RCA, Nokia and Compaq products, and PT Mahameru Antarnusa, the distributor of GE's domestic electrical products. (das)