Venture capital in Kupang

Venture capital in Kupang

JAKARTA (JP): The East Nusa Tenggara province will have a
venture capital company with a paid-up capital of Rp 3 billion
(US$1.3 million) by mid 1996.

The state-owned PT Bahana venture capital company will put up
Rp 1 billion of the capital and the rest will be raised from the
local administration and businesspeople.

East Nusa Tenggara Governor Herman Musakabe held a dinner
party here on Tuesday for businesspeople from the province to
introduce the planned company and to ask for their participation
in raising capital.

A director of the Jakarta Stock Exchange, Stanyslaus Say, who
was asked to organize participation in the company, told The
Jakarta Post yesterday that some businesspeople are willing to
become shareholders.

"We will discuss the venture capital project again on Dec. 20
in Kupang, the province's capital, and we hope that by April 1996
the company will have been established," Stanyslaus said.

PT Bahana has so far sponsored the establishment of venture
capital companies in more than 12 provinces in a bid to
accelerate the development of small businesses. (10)