Panorama Tours has entered into partnership with the world’s largest travel company – Japan Travel Bureau/JTB Corporation.
Indonesia expects to see an influx of Japanese tourists with the new JTB partnership (Photo credit: iStock/manjik).
Pending approval of the Conditional Sale and Purchase Agreement (Agreement), the partnership will see a new entity – Panorama JTB Tours – that will “increase the capacity and capability of Panorama Tours to expand the domestic market for both business and leisure travels“ and “increase the potential arrivals of foreign tourists to Indonesia through the network and distribution channels of hundreds of Japanese and multinational companies operating in Indonesia with thousands of foreign workers living in Indonesia”.
Indonesia’s largest tourism company, PT. Panorama Sentrawisata Tbk (PANR), will release minority stake in its travel & leisure subsidiary, PT. Panorama Tours Indonesia (PTI). This entity has more than 53 retail outlets spread across 24 cities in Indonesia and holds operation under the brand of Panorama Tours, Panorama World, Orange Incentive House, Turez.id, Go Holidays, Smart Holidays, JTravl, Travelicious.co.id, and has joint ventures with US-headquartered Carlson Wagonlit Travel and Singapore-headquartered Chan Brothers Travel.
In total, JTB will have 40% ownership in PT Panorama Tours Indonesia, while PT Panorama Sentrawisata Tbk (PANR) will remain the majority stakeholder with 60% of ownership in PT Panorama Tours Indonesia.
In a statement by Panorama, the new partnership is targeting a growth of 300% with the support of digital technology and the additional distribution channels both offline and online over the next five years.
Budi Tirtawisata, president director, PT. Panorama Sentrawisata Tbk.
“We are very optimistic that this partnership will enhance authentic Indonesian services with world class standard, so that we can expand the market as well as our network throughout the world,” said Budi Tirtawisata, president director, PT. Panorama Sentrawisata Tbk.
“We believe the partnership with Panorama through ‘Panorama JTB Tours’ will bring positive impact for our ‘global business’ development, because we are partnering with a group that has proven experience and understands the market and always strive to be the leader in their field,” added Shinya Kurosawa, president and chief executive officer, JTB Asia Pacific.
The Agreement, upon PANR’s shareholders’ approval, is expected to close in March 2017.
JTB has been expanding its business in Asia by launching new shops, establishing joint ventures and acquiring corporations in Asia in order to accelerate its growth.
Image credit: iStock/manjik
