Jakarta International Hotels & Development Tbk.

Brief of Company Background

The company was established in 1969 and that year it took over the Hotel Borobudur, which was being constructed by PT Perhotelan Banteng. Borobudur Hotel commenced its operation in 1974 under the management of the International Hotel Corporation, USA. After its expansion and renovations, the hotel now has 1,157 rooms. In August 1991, the company took over PT Danayasa Arthatama (DA), a real estate company that owns a 40 Ha site located on Jalan Jenderal Sudirman, Jakarta. PT DA cooperates with Conrad International Hotel Corporation, US, in building Conrad Jakarta Hotel. The company will issue bonds worth Rp. 500 billion, which will be facilitated by PT. Trimegah Securindo Lestari and PT. Danareksa. Proceeds from the issuance in the middle of 1997 will be utilized to fund the Sudirman Business District Compound through a sister company, PT. Danayasa Arthathama. The company has reacquired 10 % of its share circulating in the market with a total of Rp. 160 billion. On June 1998, the company postponed the construction of Conrad International Center (COC), which was located at Sudirman Business District, Jakarta, due to shortage of funds. The construction began in 1996 and its investment is estimated at around US$ 205 million. In November 1998, the company invested 60% of its Rp 2 billion in issued capital in PT Dharma Harapan Raya. In January 1999 the company, owner of the Hotel Borobudur Jakarta, appointed Discovery Hotels and Resorts to manage its five-star hotel holdings, replacing Inter-Continental Hotels and Resorts. Then in February 1999, the company announced it would shortly sell PT Graha Jakarta Sentosa, as its first step in implementing the resolution from the 1998 Extraordinary General Shareholders Meetin

Shareholder List

Management