29 Aug 2012
Batavia Acquisition to Be Completed by March 2013 -Fersindo President Director
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JAKARTA--Indonesian regulators have approved the acquisition of
privately held budget airline Batavia Air by Malaysia carrier AirAsia Bhd.
(5099.KU) and local partner PT Fersindo Nusaperkasa, Herry Bhakti, Indonesia's
air transportation director general, said Wednesday.
"I signed the
decision letter yesterday. It was approved in principle," Mr. Bhakti told
reporters on the sidelines of an infrastructure conference.
Fersindo
President Director Dharmadi told Dow Jones Newswires his company will complete
due diligence in September and the acquisition by March 2013.
AirAsia's
purchase is aimed both at growing its Indonesia footprint and better tapping
into Southeast Asia's growing air-travel market.
AirAsia will buy 49% of
Batavia--the maximum Indonesia allows a foreign entity--and Fersindo the
remainder. Fersindo owns 51% of PT Indonesia AirAsia, the local unit of AirAsia.
Indonesia AirAsia started international flights last year. It has the
biggest market share in international travel with 41.6%. It carried 3.38 million
passengers in 2011, government data show.
Batavia's strength is domestic
with an 11.25% share. It flies more than 50 routes across Indonesia. It had a
3.6% market share in the international segment in 2011.
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