Garuda to go public in Q1 of 2010

State SOE Miister Mustafa Abubakar said the government would privatizate state airline company PT Garuda Indonesia through an initial public offering in the first quarter of 2010.
“Let’s pray for positive market response, so that the shares that we sell will meet our target,” Mustafa said during the launch of a green campaign involving Garuda and Leuser International Foundation in Banda Aceh on Saturday.

Garuda will privatize 25 percent of its shares to raise US$300 million it needs to buy new planes and improve services.

Garuda president director Emirsyah Satar said the company would purchase nearly 50 planes to strengthen its fleet of 67 planes by 2014.

The national flag carrier is one of three state enterprises that will go public this year. The other two companies are steel producer PT Krakatau Steel and construction company PT Pembangunan Perumahan.

Source: thejakartapost