From Government of Indonesia

Govt. Sells Bali Hotel to Singapore Firm

State asset management firm PT PPA sold the luxury Bali Nirwana hotel in Bali for Rp510.8 billion ($55.97 million) to Singapore's E-Crisps Trading Ltd, PPA said on Thursday (26/7/07), according to Reuters.

The state firm had short-listed three other bidders South Korea's Hanwha Securities and Samtan Co Ltd and Singapore-based Pink Sapphire Investment Ltd.

The government sold a 70% stake and receivables in PT Bali Nirwana Resort, which operates the 103-hectare resort hotel, which has 278 rooms and an 18-hole golf course.
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