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Panorama completes divestment of subsidiary to Japanese company
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Buyers meet with members of the Association of Indonesian Tour and Travel Agents (ASITA) at the Bali and Beyond Travel Fair 2016. (JP/Intan Tanjung )
P
ublicly listed tour and travel company PT Panorama Sentrawisata, part of the Panorama Group, has completed the divestment of its subsidiary, PT Panorama Tours, to the Japan Tourist Bureau (JTB) Corporation.
From the selling of 30.1 percent of Panorama Tours shares, Panorama Sentrawisata obtained Rp 370 billion in cash that will be allocated for expansion, reserved for future working capital and used for corporate capital structure re-profiling to support the company target of earning Rp 6 trillion (US$451.54 million) in revenues in 2017, which would be a 30 percent increase from the figure in 2016.
PT Panorama Tours' name would also be changed to PT Panorama JTB Tours Indonesia. Panorama Sentrawisata still has 59.9 percent of Panorama JTB Tours shares.
"To be partnered with JTB Corporation in the beginning of 2017 is a privilege for us, as it increases corporate capabilities to a global business level," Panorama Sentrawisata president director Budi Tirtawisata said in a statement on Wednesday.
JTB Corporation is Japan's largest travel agency. Having existed since 1912, the company now has 520 offices in 101 cities in 37 countries.
During 2016, Panorama Sentrawisata saw its revenues increase by 25 percent to Rp 4.6 trillion from Rp 3.7 trillion in 2015. About 90 percent of the company's revenues came from the tourist business. (bbn)
