Humpuss Group eying PT Garuda hotels
Humpuss Group eying PT Garuda hotels
JAKARTA (JP): The Humpuss Group is eying a number of hotels
under the supervision of state-owned PT Garuda Indonesia, only
days after the government announced the airline's plans to cut
loose several of its subsidiaries.
Negotiations between Garuda and Humpuss have already started
for the acquisition of Garuda's Senggigi Beach Hotel in Lombok,
West Nusa Tenggara, and Sanur Beach Hotel in Bali, both of which
have a combined value of about Rp 400 billion (US$173.9 million).
The Neraca daily said that the negotiations, held during last
week's Indonesia Air Show '96, were conducted between Garuda's
president, Soepandi, and Humpuss' chairman, Hutomo Mandala Putra,
who is also the youngest son of President Soeharto.
Minister of Transportation Haryanto Dhanutirto told a hearing
with members of the House of Representatives last month that
Garuda plans to focus operations on its core business of aviation
in order to strengthen its capital structure and to prepare for
its public listing in 1998.
Both Haryanto and Soepandi refused to mention the parties
which may be interested in buying the subsidiaries. They also
declined to elaborate which subsidiaries would be sold, but
implied that Garuda's hotels would be the most likely to be cut
loose.
Employees
However, they acknowledged that none of Garuda's employees in
the subsidiaries would be dismissed. Any transfer of assets,
Haryanto said, would be followed by a transfer of employees as
well.
Soepandi also said that Garuda would maintain a stake in the
subsidiaries once they were privatized.
The transferring of Garuda's assets will only be one of the
ways to streamline its financial structure. Other efforts include
the government's plan to take over $754 million of Garuda's
financial obligations.
In April, the government also agreed to pay Garuda's
commitments of up to Rp 1.6 trillion (US$695.65 million) by
buying nine Boeing aircraft and transferring them to the company.
Through its subsidiary PT Aerowisata, Garuda currently manages
Sanur Beach Hotel, Pusako Hotel in Bukittinggi, West Sumatra,
Ambhara Hotel in Jakarta, Nusa Dua Beach Hotel in Bali, Grand
Preanger Hotel in Bandung, West Java, Biliton Beach Hotel in
Belitung, South Sumatra, Biak Beach Hotel in Biak, Irian Jaya and
Senggigi Beach Hotel.
Sanur Beach, a four-star hotel, was jointly established by
Aerowisata and KLM of the Netherlands in 1972. In a later
development, KLM divested its shares and sold them to Garuda,
through Aerowisata. The hotel currently has almost 700 employees.
Senggigi Beach, established in 1987, is one of the largest
hotels on Lombok island. It currently employs some 400 people.
(pwn)