Dharmala creates fund

JAKARTA (JP): PT Dharmala Securities Jakarta, a subsidiary of the Indonesian property giant Dharmala Group, has set up a US$50 million property investment fund.

The fund will be listed in Luxembourg.

Dharmala Group's president, Suyanto Gondokusumo said "the fund will make a broad range of property and property related investments in South East Asia".

Suyanto is also the fund's director.

The fund was founded by the Dharmala and PSP groups, London- based Jupiter Tyndall, Malaysia Officers Cooperative Credit and Investment Society and Johore Corporation.

Suyanto said European and North American investors had provided half the fund's capital and Asian investors the other half. (jsk)