Council agree on PT Waserda Jaya

JAKARTA (JP): City Council endorsed on Friday a bylaw which allows the city administration's Rp 4 billion (US$571,430) capital investment in the newly-established retail firm PT Waserda Jaya.

The firm, was established in May this year, is 95 percent owned by the city administration and 5 percent owned by city- owned market operator PD Pasar Jaya.

Waserda Jaya would supply needs of mini stores owned by cooperatives in 265 districts here and also assist the management of the stores.

Governor Sutiyoso said the stores could compete with supermarkets if they were properly managed, citing that only few of them had good management system.

"In the future, the Cooperatives could buy it Waserda Jaya's shares if runs well and gains profits," he said. (jun)