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ARTOTEL Group is now the controlling shareholder of Dafam Hotel Management (DHM) with 80% ownership, so that DHM’s financial statements are no longer consolidated into Dafam Property.
PT ARTOTEL Indonesia acquired 80% of the shares of a subsidiary of PT Dafam Property Indonesia Tbk (DFAM) in the hotel management sector, namely PT Dafam Hotel Management (DHM).
Based on the prospectus issued by the company, ARTOTEL made an equity participation in DHM by taking a share of all shares in the deposits issued by DHM as many as 8,000 shares worth IDR8 billion. Transaction settlement is carried out on December 3, 2021.
According to the President Director of Dafam Property Indonesia, Billy Dahlan in a press release, Tuesday (12/07) said the shareholders agreed to increase the authorized capital of DHM to IDR10 billion which was divided into 10,000 shares. In this case, ARTOTEL Group made an equity participation by taking as many as 8,000 shares.
“Based on the composition as of August 31, 2021, the majority shareholder of DHM is Dafam Property with ownership reaching 75%. Then, PT Dafam 17.5%, Andhy Irawan 5%, and Handono Suyatno Putro 2.5%,” Billy said.
He explained, however, after the acquisition transaction, the composition of ownership has now changed to ARTOTEL Group holding 80% of DHM shares, only 15% ownership in Dafam Property, and the remaining 5% belongs to Andhy Irawan Kristyanto. DHM is a company engaged in professional, scientific and technical activities related to management consulting.
“This includes consulting services in the field of hospitality and hotel management. Meanwhile, the transaction was carried out to improve the capital structure and develop the DHM business in the midst of fluctuating business developments, due to the high uncertainty due to the COVID-19 pandemic,” Billy Dahlan remarked.
Meanwhile Erastus Radjimin, Founder and CEO of ARTOTEL Group said that this acquisition is the latest by ARTOTEL in a series of property purchases throughout this year in line with its mission to build an internationally recognized Indonesian hospitality business empire.
“Since the beginning of the year, ARTOTEL has accelerated the acquisition of the management of Kyriad Hotel Indonesia, the licensee of the Kyriad Hotel Brand, a hotel brand belonging to the French Louvre Hotels Group. This management manages eleven hotels spread across Indonesia. By the end of 2021 ARTOTEL Group will expand its portfolio by managing 50 hotels: 15 from ARTOTEL Group itself, eleven from Kyriad, and 24 from Dafam,” he noted.
Eratus Radjimin added, ARTOTEL Group carried out acquisitions during a global-scale pandemic, which adversely affected the performance of the hotel industry around the world. We don’t want to just sit around waiting for the pandemic to end, that’s why we took the initiative to acquire Dafam Hotel Management and Kyriad Hotel Indonesia in order to realize our dream of creating an integrated hospitality ecosystem in Indonesia. [sources/traveltext.id]
