Astra Land Snaps Up Hotel Mandarin Oriental in US$50 Mln Deal

By Editorial Team 06/07/2023
hotel business
Summary

PT Astra International Tbk (ASII) has acquired shares of PT Jaya Mandarin Agung (JMA), the operator of the Mandarin Oriental Hotel in Central Jakarta, through its subsidiary, PT Astra Land Indonesia (ALI).

Astra Land bought JMA shares from Mandarin Oriental Holdings BV (MOH) on Jun 27, 2023, for US$49.77 million. Astra International’s management said in a statement to the Indonesia Stock Exchange on Wednesday that JMA’s property assets are strategically located. “This transaction is a lucrative opportunity for ALI’s business expansion,” the statement said.

With this transaction, ALI owns 96.92 percent of JMA’s shares. Astra International also announced the sale of debts owed by Mandarin Oriental Hotel Group Limited (MOHGL) to JMA to ALI for US$35.23 million. Therefore, the total transactions involving JMA amounted to US$85 million.

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