Venture capital firm for Ujungpandang

JAKARTA (JP): Minister of Finance Mar'ie Muhammad inaugurated PT Sarana Sulsel Ventura on Saturday, a new venture capital company in Ujungpandang, South Sulawesi.

Sarana Sulsel Ventura, the sixth venture capital firm established in the country in the last six months, has been set up by 32 institutional and individual investors with a paid-up capital of Rp 5.3 billion (US$2.46 million).

In his address at the opening of the new venture capital firm, Mar'ie said the government will continue to encourage the establishment of other venture capital firms in the country to further support business activities in rural areas.

"The establishment of venture capital firms will help solve the financial problems of new companies, especially those in rural areas," he said.

Jusuf Kalla, the commissioner of Sarana Sulsel Ventura, said that the new firm will provide financial assistance to start-up companies under an equity participation plan.

He said that the Sarana Sulsel Ventura will also cooperate with large companies to help start-up companies both in terms of finance and management.

The other five venture capital companies established earlier this year are PT Sarana Jabar Ventura in Bandung of West Java, PT Sarana Sumut Ventura in Medan of North Sumatra, PT Sarana Jatim Ventura in Surabaya of East Java, PT Sarana Yogya Ventura in Yogyakarta, PT Sarana Jateng Ventura in Semarang of Central Java and PT Sarana Bali Ventura in Denpasar of Bali. (hen)