TIL quits Bali Nirwana

JAKARTA (JP): PT Bakrie Investindo, a subsidiary of the widely diversified Bakrie Group, has taken over all shares owned by Timeswitch Investment Limited (TIL) in Bali Nirwana Resort.

The company announced yesterday that it bought Timeswitch's 80 percent stake in Bali Nirwana Resort for US$82 million.

The takeover has made the Bakrie Group the only shareholder in the resort development company. Bakrie Investindo controls 80 percent while Bakrie Capitanindo Corporation, the business group's holding company for financial activities, owns the remaining 20 percent.

Bakrie Investindo, the Bakrie Group's holding company for property, electronics and mining activities, is currently developing Taman Rasuna Apartment, in addition to Bali Nirwana Resort, a hotel, leisure and golf-course operator.

The company said that it is also developing a 500-hectare recreation center in Lampung province in cooperation with the local administration. (hen)