Investment group Bhakti Investama has bought 50% of Indonesian passenger airline Adam Air, which is seeking to improve its operations to avoid being shut by the government.
Bhakti acquired the stake through the purchase of new shares, meaning proceeds will go directly into Adam Air to support growth plans.
The airline is one of the largest privately owned carriers in Indonesia with more than 20 Boeing 737s. It has been in the news regularly over the past few months following a 1 January 737-400 crash that killed all 102 people on board. In February one of its 737-300s was badly damaged in a hard landing at Surabaya.
Late last month (March 2007) Adam Air was one of several Indonesian carriers threatened with closure by the government. The transport ministry said at the time that it will be allowed to keep operating if it improves training and maintenance within three months.
Related links and articles...
Adam AirBhakti Investama