Garuda Indonesia to select underwriters for IPO in two weeks

Garuda Indonesia CEO, Emirsyah Satar, stated the carrier will select underwriters for its planned IPO in two weeks (Reuters, 02-Feb-2010). The carrier plans to raise approximately USD300 million from the offering to fund its long term expansion plans (AFP, 03-Feb-2010/Wall Street Journal, 04-Feb-2010). Mr Satar added the IPO would be launched on the Jakarta Stock Exchange at either the end of 2Q2010 or early 3Q2010. The carrier plans to take delivery of 24 new aircraft in 2010, and will expand its fleet from the current 67 to 116 aircraft by 2014. Mr Satar stated the carrier changed its order for ten B787s into B777-300ERs, due to the delays in production. Garuda also plans to launch ten additional domestic routes this year and increase frequencies on regional services, including Singapore and Hong Kong (AINonline, 03-Feb-2010).