Govt. Sells Bali Hotel to Singapore Firm
State asset management firm PT PPA sold the luxury Bali Nirwana hotel in Bali for Rp510.8 billion ($55.97 million) to Singapore's E-Crisps Trading Ltd, PPA said on Thursday (26/7/07), according to Reuters.
The state firm had short-listed three other bidders – South Korea's Hanwha Securities and Samtan Co Ltd and Singapore-based Pink Sapphire Investment Ltd.
The government sold a 70% stake and receivables in PT Bali Nirwana Resort, which operates the 103-hectare resort hotel, which has 278 rooms and an 18-hole golf course.
The state firm had short-listed three other bidders – South Korea's Hanwha Securities and Samtan Co Ltd and Singapore-based Pink Sapphire Investment Ltd.
The government sold a 70% stake and receivables in PT Bali Nirwana Resort, which operates the 103-hectare resort hotel, which has 278 rooms and an 18-hole golf course.