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July 10, 2008

Indonesia’s Destinasi Tirta to acquire Thai, Malaysian tour firms
PT Destinasi Tirta Nusantara said it hopes to complete acquisition of two tourism companies in Thailand and Malaysia in September, reported Antara news agency.

The tourism service company will focus on the acquisition plan after the completion of an initial public offering, now in process, its managing director Rocky W Praputranto said after the share listing on the Indonesian Stock Exchange Tuesday.

Rocky said 40 billion rupiah ($4.4 million) in fund have been available to finance the 60 billion rupiah acquisition and the balance of 20 billion rupiah will be covered with fund from IPO.

Destinasi Tirta wants the majority 51 percent stake in the Thai company and 30 to 40 percent stake in the Malaysian company to be acquired, media reports quoted him as saying.

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