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Nirwana has a Price Tag

Singapore Trading Company Secures 70.5% Share of Le Meridien Nirwana Golf and Spa.

(7/28/2007) Indonesia's Finance Ministry has reportedly sold a 70.5% shared in PT Bali Nirwana Resort for Rp. 510.8 billion (approximately US$56.1 million). The partial purchase of the 100-hectare golf resort and 278-room hotel complex was at a price far below the US$169.23 million targeted by the State-owned PT Perusahaan Pengelola Asset (PTPAA); a price tied to a suspiciously over-inflated book value fueled by excessive initial borrowings to build the complex.

The successful bidder was E-Crips Trading Ltd of Singapore who managed to outbid the only other competitor Samtan Co from South Korea. Two other companies who had initially expressed interest in the property - Hanwa Securities of South Korea and Pink Sapphire Investment of Singapore failed to submit their bids before the July 25 deadline.

The sale price for the property also included a debt of US$35 million.

The property is managed under the brand Le Meridien Nirwana Golf and Spa.

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