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.