Business
Update on Giant Observation Wheel in Jakarta
Update on Giant Observation Wheel in Jakarta.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \nRNS Number : 6693P Challenger Acquisitions Limited 22 February 2016 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n 22 February 2016\nChallenger Acquisitions Limited\n('Challenger' or the 'Company')\n \nUpdate on Giant Observation Wheel in Jakarta\n \nChallenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry, is pleased to announce that the land site has been secured for a 125m giant observation wheel to be built in Jakarta, South East Asia. This follows an initial project contract entered into between Starneth Group (100% owned by Challenger) and a local developer ('the Developer') in June 2015.\n \nHighlights\n· Land site secured for a 125m giant observation wheel to be built in Jakarta\n· Developer is in final stages of the bank financing process\n· Funding at the project level and will not require any contribution from Challenger\n· Once financing is complete, wheel construction will commence\n· The Starneth Group will also receive a minority stake in the project\n· Further details relating to the proposed development of the wheel will be provided when funding arrangements are in place and Starneth has received its first payment\n \nMark Gustafson, the Company's Chief Executive Officer, said: \"Securing the land site in Jakarta was one...