Shangri-La's Bintan hotel

Tue, 01 Apr 1997 | Source: REUTERS

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.

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