Bakrie sets up capital firm

Bakrie sets up capital firm

JAKARTA (JP): The Bakrie Group has formed a venture capital
company, PT Bakrie Modal Ventura, to support its small and medium
business and cooperatives assistance program.

Bakrie Group's president, Tanri Abeng, said Monday that Bakrie
Modal Ventura would be supported by the group's three holding
firms -- PT Bakrie Finance Corporation, PT Bakrie & Brothers and
PT Bakrie Investindo -- and its other firms.

The new company would help finance small and medium businesses
and cooperatives which cooperate with Bakrie Group affiliates
under its special partnership program, he said.

The partnership program was now coordinated by Yayasan Bina
Mitra Bakrie, he said.

Yayasan Bina Mitra Bakrie's secretary-general, Andy J.
Soedarso, said that at the end of 1996, 12,977 small and medium
businesses and cooperatives were cooperating with Bakrie Group's
companies under the partnership program involving Rp 192.67
billion (US$78.8 million).

"We hope the number will increase to 17,240 with funds of Rp
401.57 billion by the end of this year," he said.

He said the funds were if the form of capital or loans from
BankNusa.

A Bakrie Group spokesman, Lalu Mara Satriawangsa, said
BankNusa aslo signed an agreement Monday with Koperasi Taksi
Indonesia, under which the bank would provide loans with a 14
percent per annum interest rate to buy taxi cabs.

The bank will loan Rp 12.35 billion for the taxis, 35 percent
from its own assets and 65 percent from Bank Indonesia. (13)