Chailease Holding of Taiwan eablishes JV to expand in Indonesian finance market
TAIPEI, NNA – Taiwan-based financier Chailease Holding Co. plans to set up a joint venture in Indonesia on hopes of earning money from the biggest economy in Southeast Asia.
The lender has sighted Indonesia, with a population of 270 million and economic growth of 5.17 percent last year, as its latest target for expansion in Southeast Asia. Laos and Myanmar are next, a company spokesman said.
Chailease will take a more than 70 percent stake in the Indonesian venture, which anticipates starting operations by next month, subject to approval from regulators in Jakarta, company spokesman Kevin Liao told NNA Thursday. The venture will focus on automobile financing for the first two or three years, Liao said.
The Taiwanese firm will invest more than 10 billion rupiah ($8 million) in the venture as a foreign entity, Liao said. He would not name the venture’s Indonesian partner but described it as engaged in real estate.
Establishing the venture was delayed for about two years as Chailease looked for an ideal partner, the spokesman said.
Elsewhere in Southeast Asia, the Taiwanese firm already operates in Cambodia, Malaysia, the Philippines, Thailand and Vietnam. The 42-year-old firm is publicly traded in Taiwan and reports total paid-in capital of 13.3 billion New Taiwan dollars ($436 million).