Signing of the CSPA in connection with the Divestment of HIG’s Shares

Signing of the CSPA in connection with the Divestment of HIG’s Shares

May 28, 2021

Jakarta, May 28, 2021

In connection with the BUMN Hotel Holding project, the Hotel Indonesia Group was appointed by the Ministry of BUMN as the holding operator. PT Hotel Indonesia Group (HIG) will later carry out the management and development of all state-owned hotels as a Hotel Indonesia network or flagship Hotel Indonesia. In the future, HIG will also target private and individual hotel management.

After conducting several studies related to the divestment of Patra Jasa’s shares in PT HIG and in an effort to continue to support the Government Program, Patra Jasa as the owner of 49% of HIG’s shares had to give up the disposal of its shares to PT WIKR as the parent of the BUMN Holding Hotel. Regarding this, on Friday, May 28, 2021, the Conditional Shares Purchase Agreement (CSPA) was signed at the Ministry of SOEs, where Patra Jasa was represented by Mrs. Litta Ariesca as Plt. President Director, Wika Realty was represented by President Director Koko Cahyo Kuncoro and Hotel Indonesia Group was represented by Ahmad Qodie Ibrahim as President Director, witnessed by Hendrika Nora Osloi Sinaga – Assistant Deputy for Infrastructure Services, Endra Gunawan – Plt. Assistant Deputy for Tourism and Supporting Services for KBUMN.

The Hotel Indonesia Group is planned to prioritize services with typical Indonesian hospitality and display a variety of local wisdom so that they can compete in the hotel industry competition at home and abroad.