JAKARTA ~ The Ministry of Finance said on Thursday it had sold its entire 70.5 percent stake in PT Bali Nirwana Resort to E-Crips Trading Ltd of Singapore for Rp510.8 billion (US$56 million).

PT Bali Nirwana owns the Bali Nirwana resort and hotel near Tanah Lot, one of the most attractive tourist sites in Bali.

The sale was carried out by state asset management company PT Perusahaan Pengelola Asset (PPA).

PPA vice president Raden Pardede said the sale price for Bali Nirwana included debt of $35 million.

He said E-Crips beat the only other bidder for the stake, Samtan Co. of South Korea, after two other eligible buyers – Hanwa Securities of South Korea and Pink Sapphire Investment of Singapore – failed to submit their bids by the July 25 deadline.