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JAKARTA - Indonesia's PT Jaminan Sosial Tenaga Kerja (Jamsostek) on Wednesday announced that it is pushing to buy 7.5 percent of state-owned airline Garuda Indonesia's stock during its upcoming initial public offering.
Jamsostek Director Hotbonar Sinaga said the company is preparing a budget of Rp 900 billion ($100 million) to purchase Garuda's shares, which will reportedly be offered from February 2-7. The airline is expecting to sell 9.3 billion shares, which represents around 36.5 percent of its total enlarged equity.
Even though Jamsostek said it could purchase up to 20 to 30 percent of Garuda's stocks, Hotbonar stated that the company will more likely end up with around 7.5 percent.
In addition, Hotbonar said the company is looking to invest in other state-owned enterprises such as PT Hutama Karya, Pt Semen Baturaja, Pt Asuransi Jasindo, and PT Industri Telekomunikasi Indonesia.
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