Investment and holding company PT Bhakti Investama has come to the rescue of fledgling carrier Adam Air, which is facing government scrutiny following a series of aircraft accidents, by acquiring 50 percent of the carrier’s shares. The acquisition was done through its subsidiary PT Global Transport Services.

Both Adam Air and Bhakti declined to reveal the value of the acquisition. However, Adam Air’s president director Adam Aditya Suherman said the value ‘equals the price of 60 new aircraft.’

Bhakti Investama, through its subsidiary PT Global Mediacom, has also acquired cargo and charter carrier PT Indonesia Air Transport (IAT). Bhakti’s president director Harry Djaja said the acquisition will contribute much to the growth of domestic aviation industry.

Earlier, Adam Air had planned an initial public offering (IPO) at the Singapore Stock Exchange and the Jakarta Stock Exchange in 2008. The move was aimed at improving the carrier’s equity.

Meanwhile, the newly appointed director general of air transportation Budhi Muliawan Suyitno said the acquisition of Adam Air by Bhakti does not breach the rules, as long as it is business- to-business. – Siktus Harson