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.
22-Nov-2010 11:38 AM