JAKARTA. PT Venteny Fortuna International Tbk (VTNY) has established a subsidiary called Venteny G.K. that is located in Tokyo, Japan.

Windy Johan, Corporate Secretary and Group CFO of VTNY, said that this subsidiary formation is intended to promote the company’s business plan. “Especially, in terms of fundraising,” he added in the information disclosure in Indonesia Stock Exchange (IDX).

The amount of investment spent on this subsidiary is not publicly disclosed. However, based on IDNFinancials data, the company recently collected IDR 338.32 billion of fresh funds from the initial public offering (IPO) last mid-December.

According to the IPO prospectus, VTNY plans to allocate 42% of IPO proceeds as a loan to PT Venteny Matahari Indonesia (VMI), another subsidiary. This local subsidiary is a company engaged in the information-and-technology-based financing (fintech).

On top of this, VTNY has mentioned its expansion plan, reaching out to other Asian countries, including Japan. “Japan has and could channel funds to trusted parties with low cost of fund,” the management of VTNY explained in the official statement last year. (KR/ZH)