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Garuda to go public within a matter of months JAKARTA - The Indonesian government has confirmed that the national airline PT Garuda Indonesia will offer up to 25% of its shares via an initial public offering scheduled for Q2 of 2010. To this end, an underwriter has been appointed by Garuda.

"25% of Garuda shares will be released to the market. The funds will be used to pay for the expansion of the company. The entire process is now underway including the appointment of an underwriter." Minister for State-Owned Enterprises, Mustafa Abubakar.

The 25% share of the national airline is less than the 49% initially proposed for public ownership. The CEO of Garuda, Emirsyah Satar, told the press that nearly 100% of Garuda's debtors have accepted and agreed to the financial restructuring of the airline, including the acceptance of two floating-rate note valued at US$305.27 million and Rp. 366.28 billion.

The restructuring of the airline's debt also includes provisions to extend due dates on current debt to January 2018 and an increase in interest rates of 1.75% over the London Inter Bank Offered Rate (LIBOR) on its U.S. dollar denominated loans. Garuda has also successfully renegotiated its outstanding debt with the State oil company Pertamina, and the State-owned Airport Authorities (Angkasa Pura I & II).

The Indonesian state-owned airline has also converted Rp. 967 billion in debt owed to Bank Mandiri into 10.61% of the company's shares.


Related blog entries (category 'Garuda Indonesia') Related blog entries (category 'Garuda Indonesia'):
22 December 2009 · Garuda to open 10 new routes in 2010
14 November 2009 · Garuda shopping for more aircraft
22 October 2009 · Garuda adds flight between Surakarta and Jakarta
08 September 2009 · Garuda charged with price-fixing in Australia
05 September 2009 · Garuda Indonesia and 'visa-before-arrival'
31 August 2009 · Garuda increases seat capacity for lebaran holidays

Related blog entries (category 'Garuda Indonesia') Tags: garuda, airline, IPO, stock, exchange, public


Posted in Garuda Indonesia @ 21 January 2010 06:16 CET by Jeroen · 'Blog' RSS feed · permalink






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