Bali Studies

Aussie buys Air Paradise stake

Aussie buys Air Paradise stake

From correspondents in Jakarta

August 22, 2006 03:07pm
Article from: Agence France-Presse

BALI-based Indonesian airline PT Air Paradise International has sold 49 per cent of its shares to an undisclosed Australian operator, a report said today.

Air Paradise had been servicing destinations in Australia, South Korea and Taiwan before it ceased operations on November 2005 due to a downturn in traffic following suicide bombings a month earlier on the resort island.

"The change of ownership composition is being processed for approval by the Justice and Human Rights Ministry," Edi Wibowo, director for air transportation at the ministry, was quoted by Bisnis Indonesia as saying.

He did not, however, disclose the name of the buyer.

Mr Wibowo said the stake sale was in accordance with government regulations, which require that the ownership of a foreign party in a domestic airline is limited to 49 per cent.

The triple suicide attacks on Bali in October last year, which left 20 bystanders dead, occurred just after tourism had fired back to life in the wake of bombings in 2002 which killed 202 people, including 88 Australians.

posted by andersonite @ 3:25 PM