AVIATION - Air Paradise Offers Majority Stake to Bali Government

Balidiscovery.com, (2/3/2007)

The Indonesian language BisnisBali reports that Air Paradise (API) has offered 51% of its shares to the Government of Bali in an effort to secure the estimated Rp. 250 billion (approximately US$27.5 million) needed to restart the airline grounded by financial woes since December 2005.Convinced that a majority share-holding by the Bali Government would bolster the Airline's battered image, API's Chairman. I Made Wiranatha has presented detailed investment proposal to the Bali Government including projections of profitability within two years. Bali's leaders were offered a controlling 51% share in the airline for Rp. 150 billion (approximately US$16.5 million) with 33% remaining in the hands of Wiranatha and a 16% shareholding by Sri Lankan businessman Sudhahar Sunthaeampillai.

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