JAKARTA: The share acquisition of every Indonesia airline must have full approval from the Ministry of Transportation, the policy maker relating to aviation business in the country.
"The airline which will sell its shares must obtain approval from the Ministry of Transportation before selling the stock," said Head of Public Communication at Ministry of Transportation Bambang Ervan in a release of the Ministry of Transportation on Monday (30/07/2012).
He said, there are special rules for the purchasing shares which done by foreigners or of foreign origin company, it should not exceed 49% of the total shares of the company. It means the national must be a single majority or larger than overall total foreign equity.
Pursuant to Article 108 paragraph (3) of Law No. 1/2009 on Aviation, venture capital entity of national commercial air transportation, which is most of its capital is owned by several shareholders, one of the local shareholders should be the major shareholder with larger portion than foreign single majority.
Previously, AirAsia through AirAsia Berhad and PT Fersindo Nusaperkasa (the majority shareholder of PT Indonesia AirAsia) acquired Batavia Air with the purchasing value of 80 million US dollars.
"After months of negotiation, we were finally able to reach an agreement to establish a relationship between AirAsia and Batavia Air," said AirAsia Berhad’s CEO, Tony Fernandes, said on last Thursday (26/7).(T03/aph)
Showing 0 - 0 of 0 comments