Shangri-La's Bintan hotel

Shangri-La's Bintan hotel

SINGAPORE (Reuter): Shangri-La Hotel Ltd said yesterday it has
entered an agreement with P.T. Elitindo Citralestari and Madarac
Corp. to develop a resort hotel on the Indonesian island of
Bintan near Singapore.

The joint venture company, to be incorporated in Indonesia,
would have an authorized share capital of US$20 million and an
initial paid-up share capital of $2.5 million, a statement from
Shangri-La said.

P.T. Elitindo Citralestari holds a 50-percent equity stake in
the joint venture company, while Madarac Corp and Shangri-La each
hold 25-percent stakes.

P.T. Elitindo Citralestari is a member of the Salim Group of
Companies and Madarac Corp is a wholly-owned subsidiary of
Shangri-La Hotels (Malaysia) Berhad.