Garuda to privatize subsidiary<\/p>\n
JAKARTA (JP): The country's flag carrier Garuda Indonesia is
\nto sell up to 60 percent of its shares in its wholly-owned
\nsubsidiary PT Aerowisata, which operates hotel and catering
\nservices, to private firms.<\/p>\n
Minister of Transportation Haryanto Dhanutirto said over the
\nweekend that the plan is part of a program to improve Garuda's
\nfinancial structure.<\/p>\n
He said the sell-off is expected to be conducted by the end of
\nthis year.<\/p>\n
Aerowisata currently operates six hotels -- the Sanur (100
\npercent owned by Aerowisata) and Nusa Dua Beach Hotels on Bali,
\nthe Preanger Hotel in Bandung, West Java, the Pusako Hotel in
\nBukittinggi, West Sumatra, the Senggigi Beach Hotel on Lombok,
\nWest Nusa Tenggara, and the Biak Hotel in Irian Jaya.<\/p>\n
The company plans to manage at least three more hotels in the
\nnext few years, including the Resor Sekar Nusa in Bali, Biliton
\nHotel on Belitung island, South Sumatra, and a four-star hotel on
\nJl. Saharjo, South Jakarta.<\/p>\n
Aerowisata, founded in 1973, sold one of its properties,
\ncalled the Nusa Dua Beach Hotel on Bali, in 1990 to a Brunei-
\nIndonesian joint venture company but it still manages the hotel.<\/p>\n
The company also runs airline catering services through its
\nsubsidiary PT Angkasa Citra Sarana, a travel agency through PT
\nSatriavi and bus transportation services through PT Mandira
\nEkajasa.<\/p>\n
The company's profits increased from Rp 20.4 billion in 1994
\nto Rp 27.5 billion in 1995. (icn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/garuda-to-privatize-subsidiary-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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