Indonesian Government states Garuda Indonesia to hold IPO on two stages
Indonesia State Enterprises Minister Mustafa Abubakar confirmed Garuda Indonesia will launch its IPO in two phases (The Jakarta Globe, 19-Nov-2010). The first phase of the offering is to be held in Feb-2011, in which the carrier will offer a 30% stake. Mr Abubakar stated the second stage for a further 10% stake will be held at a later date “when necessary”. He stated he is “optimistic” the sale will perform well “despite its below-par performance this year”. Garuda plans to submit its IPO proposal to the Indonesia Stock Exchange this week. The offering is expected to raise USD450 million.