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Bali's Sahid Raya to Close in Early 2008

Sahid Group to Build Mixed-Use Hotel, Apartment and Shopping Complex on its 5 Hectare Kuta Beachfront Site.

(11/19/2007) Bisnis Indonesia reports that the Sahid Group plans to disinvest 65% of its ownership in its 5 hectare hotel development on Bali's Kuta beach to raise funds and make way for a large mixed-use complex including a hotel, apartment complex, mall and offices.

In an announcement made by the Chairman and President of the Sahid Group, Sukamdani S. Gitosardjono said that he would retain only 35% of his shares in the Hotel Sahid Raya Bali with the remainder being sold to new investors in the proposed "super block."

The Kuta project, according to Sukamdani, is part of a restructuring of the entire Sahid Group and the chain of hotels they operate across the Country. The details of the entire restructuring program will be announced to the shareholders of the Sahid Group, the Indonesian Stock exchange and the public in March 2008.

While refusing to more specific on the cost and extent of the proposed Kuta "super block," the Sahid Group Chairman said that a potential domestic investor had been identified.

Sahid Raya to Close in Early 2008

Sukamdani told Bisnis Indonesia that the Sahid Raya would close its doors in early 2008 to permit the commencement of massive construction project.

Saying "now is the time to rebuild," Sukamdani said he preferred owning 35% of a company with the strong financial structure than to own 100% of a company with limited financial capabilities.