MIC's new firm to venture into housing KUALA LUMPUR, Mon. — MIC has launched a new company, Maika Holding Berhad. which will venture into low-cost prefabricated housing ventures and real estate business. The new company had obtained its licence and will be launched officially in April with an initial capital of $5 million. MIC presi- dent Datuk S.Samy Vellu said on Saturday. He told reporters after a five-hour Central Working Committee meeting, that the party hoped to use the income from the company for other ventures to help the Indian community. Datuk Samy Vellu said that co-operative societies such as Nesa, Workers co- operative Society, National Land Finance Co-operative Society and MIC Unit Trust, would take part in Maika Holding. He said the company would also take part in joint ventures with foreign countries. Datuk Samy Vellu said he would be visiting In- donesia for three days from Feb. 20 to negotiate on joint ventures with various firms. MIC was also interested in taking part in Prime Minister Datuk Seri Dr Mahathir Mohamad's in- vestment ideas in the Paci- fic islands of Fiji, Tonga and Samoa, he said. He said the committee also discussed the estate workers home ownership scheme and regretted the attitude of some manage- ment which gave excuses for the delay in im- plementing the scheme. The party had taken up the matter with Deputy Prime Minister Datuk Musa Hitam and the Hous- ing Ministry through its De- puty Minister, S Subrama- niam, he said. He said live estates in Selangor, Negri Sembilan and Penang were interested in implementing the hous- ing schemes immediately. The committee also dis- cussed the raising of $1 million in the next three months for the MIC-run Vanto Academy. The party had collected $712,054 for the academy and paid up $1.65 million for taking over the college, and would have to pay $3.3 million including interest before the ownership was transferred to the party. Datuk Samy Vellu said the meeting also decided to consider various measures to reform its machinery to face the challenges of the Indian community in the year 2000. "We will be carrying out a survey on the geographic- al distribution of the Indian community and the de- mands made from them," he said. Datuk Samy Vellu also announced that former Klang DAP leader G.Davedason's application to join the MIC had been approved. .