Venture capital firm for C. Java

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)