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Thursday, January 28, 2010

IPO Garuda will be held in June

BI / bursa
27/01/2010
By Irvin Avriano A.
for Bisnis Indonesia

IPO Garuda will be held in June

JAKARTA: PT Garuda Indonesia Airways to ensure the public records act prime company (initial public offering/IPO) worth up to US$300 million in June-July 2010.

"The point in semester II/2010 to secure, not backward, the preparation is done well," said State Minister for SOE Mustafa Abubakar told the press yesterday.

Garuda Indonesia President Director Emirsyah Satar said that the IPO funds will be used mostly to buy dozens of companies a new aircraft that will use the company.

Some of them are as many as 24 Boeing 737-800NG, each worth US$50 million. A total of 23 of these aircraft will be received by the company with an Airbus 330-200 worth US$80 million.

He explained the number of shares to be released to the public company at the time of the IPO will not be more than 40%.

"Anyway, government still a majority shares owner, but it still depends on the asset valuation that have not been determined, but the due diligence process have done last year, whether legal or assets."

He explained the company is also targeting its net income grew by 20% this year from last year that almost reached Rp1 trillion.

Director of Strategy & IT Garuda Indonesia Elisa Lumbantoruan said the company also plans to conduct roadshows to several cities in Asia, Europe, and the US. For Asia, he said, the company likely will visit Singapore, Hong Kong, Shanghai, and Tokyo.

For Europe, the company will visit the prospective investors in the UK, France, the Netherlands, and Germany.

Elisha added, companies are still worried about the recording of stock in June because it is a global investment manager momentum berlibut summer.

"Fear will slow interest because fund manager who will be the main investors are still on holiday, so there is likely in July or August."

Elisa also said Garuda has not appointed securities companies as an underwriter of even though the company roadshow will be conducted next month.

Emirsyah also said the company will start flights to Europe on June 1 and to the US in 2012.

In the same occasion, Mustafa said the government would encourage other state-owned airline PT Merpati Nusantara Airlines, to increase the airline's flight. According to him, the company still has a huge potential market for domestic flights.

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