Publicly listed Panorama Sentrawisata, through its unit Panorama Ventura Indonesia, has completed the first stage of share sale of Raja Kamar International, an online hotel booking platform. The tourism company has transferred 11.26 per cent stakes in Raja Kamar to foreign investor Archipelago Tourism Limited for $10 million.
Archipelago Tourism is a foreign-based investor of undisclosed origin that has business operations in Indonesia. It has partnered with local businesses before in “various sector”, corporate secretary of Panorama Sentrawisata Karsono Probosetio told DEALSTREETASIA.
According to the agreement, Archipelago Tourism will purchase 20.72 per cent more stakes in Raja Kamar in a second transaction, which will follow in 2017. By the end of the second stage, Archipelago Tourism will own a total of 31.98 per cent of all issued and paid-up capital in Raja Kamar.
“Subscription of shares by Archipelago Tourism in Raja Kamar is believed to be beneficial and will have a positive impact for the company, where it will obtain additional funding which can be used to strengthen cash flow and capital, as well as to accelerate the development of business in the future,” said Probosetio.
Panorama oversees more than 20 subsidiaries with about 25 brands. Established in 1995, it has since transformed into an integrated group with companies operating in destination management, travel and leisure management, convention and exhibition, media, publication, food and beverage, transportation, and hospitality.
The company booked Rp 1.4 trillion ($10.4 million) in sales during the January-April period this year, up by 41.6 percent compared to the Rp 1 trillion collected in the same period last year. It expects to see sales surge to Rp 5.18 trillion in 2016, from last year’s Rp 3.7 trillion.