TIL quits Bali Nirwana

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)