Indonesia's Bhakti Investama acquires 50 pct stake in Adam Air

Jakarta (XFN-ASIA) - Investment firm PT Bhakti Investama has

acquired a 50 pct stake in PT Adam Sky-Connection Airlines, the operator of

Adam Air, Bhakti president Hary Djaja said.

"The transaction was closed today (Thursday). As for the

value, we have agreed not to disclose it," Djaja told reporters last night.

Djaja said Adam Air will keep the remaining 50 pct.

Separately, Bisnis Indonesia reported that Bhakti may receive a 100 mln usd loan from Lehman Brothers to finance the acquisition.

The newspaper also quoted Adam Air president Aditya Suherman as saying that the airline will use the proceeds from the stake sale to buy new aircraft.

He said Adam is planning to buy 10 new planes this year, including two Boeing 737-300 and six Airbus A320. Adam Air currently operates 22 aircraft.

Want More Analysis Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More