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Singapore's Thumbs Up to Indonesian Tourism

Singapore Investor Optimistic on Indonesia's Long Term Tourism Potential.

(12/23/2002) A Singapore Investment Group, Guthrie GTS holding extensive investments in Indonesia, has reaffirmed its faith in the long term viability of Indonesia's economy via a report carried in the Singapore publication, The Business Times.

In a statement by the group printed in the paper, Guthrie GTS stated, "despite the recent setbacks resulting from the bomb attacks in Bali, Guthrie GTS remains confident that such setbacks are temporary and believes in the longer-term viability of the Indonesian economy."

Gurthrie GTS has Indonesian investments in the 190-room Novotel Coralia Benoa Bali Resort, the Hotel President in Jakarta, and the Wisma Nusantara high-rise office building in Jakarta.

The group has recently made a US$ 50.3 million bid for a majority 76% interest in the Wisma Nusantara building.