Garuda's Maintenance Subsidiary Eyes $300m IPO in Q3
Jakarta. Garuda Indonesia, the country's flag carrier, will target a sale of between $200-300 million for the initial public offering of its maintenance unit later this year.
The unit, known as Garuda Maintenance Facility AeroAsia, plans to sell 20-25 percent of its enlarged capital to support a planned expansion in the coming years, Garuda finance director, Helmi Imam Satriyono, said on Wednesday (12/04).
Helmi said GMF AeroAsia has yet to appoint an underwriter for the IPO.
GMF AeroAsia is among nine state-owned enterprises – including infrastructure, insurance and energy companies – that the government aims to float on the Indonesia Stock Exchange in 2017.
The government expects to raise as much as Rp 20 trillion ($1.5 billion) in fresh capital this year.
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