Aquawalk Group Berhad (“Aquawalk” or “the Group”), whose subsidiaries develop and operate several world-class aquaria including Aquaria KLCC, has today announced that its wholly-owned subsidiary, Aquawalk (Indonesia) Sdn Bhd (“AQWID”), has entered into a Shareholders cum Joint Venture Agreement (“SJVA”) with PT Maju Batu Bersama (“PTMBB”) to jointly undertake the development, ownership and operation of a new oceanarium in East Java, Indonesia (“Project”).
This is Aquawalk’s second venture in the Indonesian market, the other being Jakarta AQuarium Safari. The Project will be undertaken through a newly incorporated joint venture company (“JVCo”) in Indonesia, with Aquawalk holding a 60% equity stake and PTMBB holding the remaining 40%.
Group Executive Chairman of Aquawalk, Dato’ Simon Foong (拿督冯重兴) said, “This joint venture marks another important milestone in our growth journey. Indonesia remains a key market for us, supported by strong domestic consumption, favourable demographics, and a growing tourism sector. Our collaboration with PTMBB allows us to combine our technical and operational expertise with local market knowledge to deliver a compelling oceanarium in East Java.”
The new oceanarium, to be branded “Aquaria Java Timur Park” will be developed within Jawa Timur Park 3 in Batu, East Java, an existing and operational integrated tourism and leisure development by the Jawa Timur Park Group. This family-oriented destination is already an established attraction in East Java, comprising a range of themed attractions, educational and entertainment facilities, as well as retail and supporting amenities.
A lease agreement is expected to be executed between PTMBB and the JVCo, for a minimum term of ten years, with an option to renew for a further ten years, in respect to the development and operation of the Project.
The total initial investment for the project is estimated at approximately IDR110 billion (approximately RM24.6 million), to be funded proportionately by the joint venture partners. Aquawalk’s share of the investment amounts to approximately IDR66 billion (approximately RM14.8 million), which will be funded by the Group’s initial public offering proceeds allocated for expansion.
Under the terms of the SJVA, Aquawalk will take on the role of design, development, construction, and operations of the oceanarium, leveraging its track record in delivering world-class marine attractions, while PTMBB will support the project through local coordination including liaison with the master developer, landowner, and relevant authorities, as well as ensuring regulatory compliance through securing necessary approvals, licenses, and permits.
Dato’ Simon added, “A key advantage of this project is that we are not building a destination from scratch. Jawa Timur Park 3 is already a well-established tourism destination with a steady visitor base, which gives the new oceanarium an immediate platform on opening and shortens the typical ramp-up curve for a new attraction. We aim to deliver an attraction that contributes to tourism in the region and supports marine education and conservation.”
