Venture capital firm for C. Java

JAKARTA (JP): Minister of Finance Mar'ie Muhammad inaugurated a venture capital company, PT Sarana Jateng Ventura, on Saturday in the Central Java capital of Semarang.

The company was established with a paid-up capital of Rp 4.5 billion (US$2.05 million).

A commissioner of the company, Panoet Harsono, said to Antara at the inauguration ceremony the firm has been established by 19 individuals and companies, including Central Java Governor Soewardi, businessmen Prajogo Pangestu, Henry Pribadi, Johannes Kotjo and Sutrisno Bakir, as well as Lippo Bank, PT Djarum Kudus, BPD Jateng, PT Coca Cola and PT Bahari Ventura, the largest shareholder providing an equity of Rp 1 billion.

Bahari Ventura is a subsidiary of state-owned venture capital company PT Bahana Artha Ventura.

Panoet said Sarana Jateng Ventura has been designed with an authorized capital of Rp 15 billion.

The government has encouraged private companies to support the establishment of venture capital companies in each of the country's 27 provinces. Such firms have now been set up in Medan of North Sumatra, Bandung of West Java, Yogyakarta, Surabaya of East Java.

Minister Mar'ie said a venture capital company will also start operating in Ujungpandang of South Sulawesi next month.

He said President Soeharto has participated in the establishment of such a firm in Yogyakarta by providing an equity of Rp 10 million.

At Saturday's ceremony, Mar'ie also inaugurated PT Mitratani Dua Tujuh, an export-oriented soybean company which accrued its first financial assistance from Sarana Jateng Ventura.

Mitratani Dua Tujuh has been established jointly by Bahana Artha Ventura and PT Mitratani Terpadu.(riz)