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)