Bakrie also required to export its cars

Bakrie also required to export its cars

JAKARTA (JP): The state-owned PT Bali Tourist Development
Corporation (BTDC) agreed over the weekend to provide Rp 4.5
billion (US$1.9 million) in equity to PT Garuda Adhimatra.

BTDC's president Gde Rai said with the Rp 4.5 billion equity
injection, BTDC would own 18 percent in Garuda Adhimatra, which
will develop a massive tourist project in Bali.

PT Nyoman Nuarta Enterprise owned the remaining 82 percent of
shares, he said following the signing of the agreement at the
Ministry of Tourism, Post and Telecommunications.

Garuda Adhimatra's president Nyoman Nuarta said the local
administration of the Bali province planned to buy another 12.5
percent stake in the company.

"A number of cooperatives have also plans to participate in
the company's ownership," he said.

Garuda Adhimatra will develop a multi-million-dollar tourist
project in Bukit Ungasan, Badung in southern Bali. The project
will include Garuda Wisnu Kencana monument, a 130-meter copper
monument.

Nuarta said the project will include art, cultural, education
and entertainment venues, business facilities, culinary, and
other services.

"The project is expected to be completed at least by 2000,
making it the world's latest art creation by the end of the
century," he said.

The project, which was made known to the public two years ago,
has been widely debated by the public. Many people said the
project would be too costly.

The project, which will occupy a 200-hectare plot, is
estimated to cost around Rp 200 billion (US$85 million). The
monument alone will be worth over Rp 80 billion.

The debate over the project grew heated especially after
Garuda Wisnu Foundation, whose patrons include the Governor of
Bali and the Minister of Tourism, Post and Telecommunications,
said it would finance the project.

According to reports, the foundation received about Rp 30
billion in contribution funds from PT Telkom to finance the
project. The telecommunications company was then questioned over
its contribution because as a publicly listed company, it was not
allowed to provide big finance without the consent of
shareholders.

Minister of Tourism, Post and Telecommunications Joop Ave,
however, denies the contribution violated regulations, saying the
funds were taken from the government's dividends.

Joop said later said the Rp 30 billion funds would be given to
BTDC, which would then use the cash to buy the 18 percent stake
in Garuda Adhimatra.

The construction of the Garuda Wisnu Kencana project won
President Soeharto's approval in 1994. Members of the House of
Representatives have also supported the project. (icn)