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Bank Mandiri to buy 11% stake in Garuda Indonesia JAKARTA - Bank Mandiri, the biggest lender in Indonesia, has announced that it will take an 11 percent stake in now state-owned Garuda Indonesia. All parties involved agreed on this share for Bank Mandiri. Under the plan, Mandiri will convert 100 million dollar of the bond debt into equity. The buy values Garuda Indonesia around 910 million dollar (635 million euro).

Minister of State Enterprises, Sofyan Djalil said that the deal was to be finalised before Garuda will go public. Bank Mandiri would be required to give a time frame for selling it's shares in Garuda. The agreement was reached after several months of negotiations between Garuda Indonesia, Bank Mandiri, Bank Indonesia and the Ministry of State Enterprises.

The conversion of Garuda's debt into equity will mark the first time that a commercial bank is allowed to do so since a law adopted in the late 1990's outlawed this practice. The deal will help pave the road to an initial public offering for Garuda, which has been planned for almost 20 years now. The total debt of Garuda, some 800 million dollar, will be restructured this year.


Related blog entries (category 'Garuda Indonesia') Related blog entries (category 'Garuda Indonesia'):
26 August 2009 · Garuda Indonesia wants to fly free - again
26 July 2009 · New offices and new look for Garuda Indonesia
23 July 2009 · Dream on Garuda!
21 July 2009 · Operating licenses expired; Garuda cancels purchase of airlines
05 July 2009 · Garuda Indonesia likely allowed to fly to Europe soon

Related blog entries (category 'Garuda Indonesia') Tags: garuda, mandiri, IPO, agreement


Posted in Garuda Indonesia @ 29 August 2009 13:15 CET by Jeroen · 'Blog' RSS feed · permalink






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