Telagamas, Cipta tie up

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)