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J Trust/Group Lease Indonesian JV begins operations

J Trust Co.Ltd.'s Indonesian joint venture with Thailand's Group Lease PCL beganoperations after receiving approval from Indonesia's Financial ServicesAuthority.

PT Group Lease Finance Indonesia began operations July 11.It was established Feb. 23 with a capital of 100 billion rupiah.

The joint venture will provide hire-purchase financing andmoney lending services in Indonesia.

J Trust said it does not expect the development to have anymaterial impact on its financial results.

Group Lease Holdings Pte. Ltd. owns a 65% stake in GroupLease Finance Indonesia, while JTRUST ASIA PTE. LTD. owns a 20% stake. Theremaining 15% interest is owned by PT Wijaya Infrastruktur Indonesia.

As of July 11, US$1was equivalent to 13,117.50 Indonesian rupiah.