Garuda Indonesia plans USD400 million IPO in mid-2010

Garuda Indonesia President Director, Emirsyah Satar, stated the carrier plans to raise as much as USD400 million in an initial public offer (IPO) in mid-2010, to fund its future expansion (Bloomberg, 12-Aug-09). The airline also plans to acquire local rivals and operate to new destinations in Japan, South Korea and Europe, with the carrier planning to double its fleet to 103 aircraft by 2013 to support these plans and to improve its safety record.