Indonesia: Panorama completes first stage of Raja Kamar’s share sale

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.