S'pore firm upbeat on RI tourism

S'pore firm upbeat on RI tourism

Deutsche Presse-Agentur, Singapore

A Singapore engineering and property company gave Bali's
tourism sector its vote of confidence by saying it will go ahead
with the acquisition of a majority stake in PT Wisma Nusantara
International (WNI), a statement said on Tuesday.

One of WNI's three main assets is the Novotel Coralia Benoa
Bali, a 190-room resort at Nusa Dua on Bali's southern coast.

"Despite the recent setback resulting from the bomb attacks in
Bali, Guthrie GTS remains confident that such setback is
temporary and believes in the longer-term viability of the
Indonesian economy," said the company's statement published in
The Business Times.

Given the prime location of its assets, WNI is in a good
position to capitalize on a recovery in the Indonesian economy,
Guthrie said.

The bomb attacks on Bali Oct. 12 which left 190 people dead
have had a sharp impact on the economy, frightening away foreign
investors.

Guthrie said it intends to buy 75.97 per cent of WNI from the
government and PT Indocement Tunggal Prakarsa Tbk.

Its initial bid for US$55.3 million announced in January has
been lowered to $50.3 million.

In addition to the Bali resort, WNI's other main assets
include the Wisma Nusantara office building and the Hotel
President in Jakarta.