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JAKARTA - Cargo transporter Cardig International has owned 100 percent of Indonesia's cash-strapped carrier Mandala Airlines under a purchase agreement earlier this month, an executive said Monday. Mandala president Diono Nurjadin told reporters here the negotiation began in September last year, several days after a Mandala plane crashed near an airport in the North Sumatra capital of Medan, killing 149 passengers and people on the ground.
"The transaction was concluded on April 12," he said, declining to elaborate the value of the transactions due to confidential agreement with the new investor. Mandala was previously owned by the Army's special force locally abbreviated as Kostrad (the Army's Strategic Command). The new owner has agreed to leave Mandala name unchanged but considered altering the logo.
Calls have been mounting for the Indonesian military to leave businesses and increase professionalism since the appointment of new chief Air Marshall Djoko Soeyanto earlier this year. Mandala, supported by some 1,800 employees, has a fleet of five Boeing 737-200s. Diono said the company targeted to increase occupancy rate by 15 percent to 3.1 million this year and expand routes to 18 towns across the country from previously 16.
The Jakarta-based Cardig International has begun to run the cargo delivery business since 30 years ago and established partnership with foreign carriers, including the Singapore Airport Terminal Services and SIA Engineering Company.
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