Garuda Indonesia plans IPO in maintenance sector
Garuda Indonesia plans to float shares of its maintenance unit in the next few years (The Jakarta Globe, 28-Mar-2011). Finance director Elisa Lumbantoruan said: “The maintenance market is around USD750 million. Most of that is being tapped by foreign companies, compared to local companies’ market share, which is 20% of that.” Mr Lumbantoruan stated the carrier plans to publicly list Garuda Maintenance Facility AeroAsia in the next three to four years. Garuda plans to double its fleet to 150 by 2015.