Garuda plans to float 37.5 pct of its shares in 2010 - report

Jakarta (XFNews-ASIA) - National flag carrier PT Garuda Indonesia plans to float 37.5 pct of its shares via an initial public offering (IPO) in 2010, Bisnis Indonesia reported, citing an unnamed company executive.

"The share sale will be part of our efforts to improve the healthiness of the company," the executive said.

He said Garuda's management also plans to sell 5 DC-10 aircraft and a branch office in Brussels, as part of efforts to restructure the company.

The executive added that the airline has begun debt restructuring talks with its main creditor Export Credit Agency (ECA) in Jakarta, but he gave no further details.