The statement pointed out that the Minister of Transportation has approved in principle, a planned expenditure on the buying and selling of shares belonging to PT Metro Batavia, to the relevant local or foreign corporate client.
The letter from the ministry also stated that the approval for selling shares of PT Metro Batavia to local or foreign companies is based on the provisions outlined by Law No. 1 of 2009 on Aviation, which enunciates the regulations related to foreign investment and the sale of the company's stock.
Other requirements that must be met in the process include a change in shareholders based on their commercial air transport business license. Local shareholders will be required to attach an affidavit that specifies the source of capital ownership whether it is national capital, foreign or deposited capital.
Besides the purchase and sale of PT Metro Batavia's shares, the company will also have to follow the guidelines governing the ownership of a commercial air transport capital enterprise as set out under Article 108 of Law No. 1/2009, which relates to nationwide commercial air transport and capital ownership entities, and necessitates that most of the capital must be owned by Indonesian legal entities or the citizens of Indonesia.
The statement further elaborated that the composition of share ownership between national and foreign capital should refer to the Regulation of the President of the Republic of Indonesia Number 39 of 2010, which requires the owner of national or domestic capital to maintain a greater share in the overall ownership of capital amounting to 51 percent, and allow a maximum ownership of 49 percent for foreign capital owners.
Earlier, the AirAsia Berhad and AirAsia airlines had announced that they have decided to acquire through PT Fersindo Nusaperkasa, which is the majority shareholder of PT Indonesia AirAsia, Batavia Air for 80 million dollars.
"After months of negotiations, we have finally reached an agreement to establish a relationship between AirAsia and Batavia Air," AirAsia Berhad CEO Tony Fernandes said in Jakarta on July 26.
Meanwhile, President Director Fersindo Dharmadi explained that AirAsia Berhad will hold a 49 percent stake in Batavia and Dharmadi will be the majority shareholder with a 51 percent stake.
Dharmadi, who also serves as Indonesia AirAsia's president director said that Batavia Air's acquisition will be conducted in two stages, with the first stage involving the takeover of 76.95 percent of the company's stake.
The second stage will revolve around the acquisition of 23.05 percent of the airline's shares and is expected to be completed in the second quarter of 2013, based on regulatory approvals granted by the government of Indonesia.
(U.A050/INE/KR-BSR/A014)
Editor: Priyambodo RH
Copyright © ANTARA 2012
