Bakrie also required to export its cars<\/p>\n
JAKARTA (JP): The state-owned PT Bali Tourist Development
\nCorporation (BTDC) agreed over the weekend to provide Rp 4.5
\nbillion (US$1.9 million) in equity to PT Garuda Adhimatra.<\/p>\n
BTDC's president Gde Rai said with the Rp 4.5 billion equity
\ninjection, BTDC would own 18 percent in Garuda Adhimatra, which
\nwill develop a massive tourist project in Bali.<\/p>\n
PT Nyoman Nuarta Enterprise owned the remaining 82 percent of
\nshares, he said following the signing of the agreement at the
\nMinistry of Tourism, Post and Telecommunications.<\/p>\n
Garuda Adhimatra's president Nyoman Nuarta said the local
\nadministration of the Bali province planned to buy another 12.5
\npercent stake in the company.<\/p>\n
\"A number of cooperatives have also plans to participate in
\nthe company's ownership,\" he said.<\/p>\n
Garuda Adhimatra will develop a multi-million-dollar tourist
\nproject in Bukit Ungasan, Badung in southern Bali. The project
\nwill include Garuda Wisnu Kencana monument, a 130-meter copper
\nmonument.<\/p>\n
Nuarta said the project will include art, cultural, education
\nand entertainment venues, business facilities, culinary, and
\nother services.<\/p>\n
\"The project is expected to be completed at least by 2000,
\nmaking it the world's latest art creation by the end of the
\ncentury,\" he said.<\/p>\n
The project, which was made known to the public two years ago,
\nhas been widely debated by the public. Many people said the
\nproject would be too costly.<\/p>\n
The project, which will occupy a 200-hectare plot, is
\nestimated to cost around Rp 200 billion (US$85 million). The
\nmonument alone will be worth over Rp 80 billion.<\/p>\n
The debate over the project grew heated especially after
\nGaruda Wisnu Foundation, whose patrons include the Governor of
\nBali and the Minister of Tourism, Post and Telecommunications,
\nsaid it would finance the project.<\/p>\n
According to reports, the foundation received about Rp 30
\nbillion in contribution funds from PT Telkom to finance the
\nproject. The telecommunications company was then questioned over
\nits contribution because as a publicly listed company, it was not
\nallowed to provide big finance without the consent of
\nshareholders.<\/p>\n
Minister of Tourism, Post and Telecommunications Joop Ave,
\nhowever, denies the contribution violated regulations, saying the
\nfunds were taken from the government's dividends.<\/p>\n
Joop said later said the Rp 30 billion funds would be given to
\nBTDC, which would then use the cash to buy the 18 percent stake
\nin Garuda Adhimatra.<\/p>\n
The construction of the Garuda Wisnu Kencana project won
\nPresident Soeharto's approval in 1994. Members of the House of
\nRepresentatives have also supported the project. (icn)<\/p>",
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