22nd Feb 2016 08:54
LONDON (Alliance News) - Challenger Acquisitions Ltd on Monday said the land site has been secured for a 125 metre observation wheel to be built in Indonesian capital Jakarta, which could make the project the first of 25 such attractions for Challenger.
The developer for the project is in the final stages of the financing process, Challenger said, adding it will not have to make any contribution to the scheme at project level.
Wheel construction will start once financing has been completed and Starneth, the Dutch engineering company whose main operating business Challenge acquired last year, will get a minority stake in the project. Starneth won an initial engineering contract for the project in June last year.
"Securing the land site in Jakarta was one of the two remaining hurdles for this project. Once the developer secures the project financing, then Jakarta will be the first project in our pipeline of 25 Giant Observation Wheels, which we are currently evaluating," said Mark Gustafson, chief executive of Challenger Acquisitions.
The company also owns a stake in the New York Wheel Investor LLC, a company set up to fund the equity component of the New York Wheel, a 630-foot high observation wheel to be constructed on Staten Island.
Challenger shares were up 5.3% to 25.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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