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NEWS UPDATES 23 September 2010

Indonesia delays Garuda's share sales until January 2011

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Indonesia said on Wednesday it will delay the sale of almost a third of shares in national carrier Garuda Airlines until the start of next year.

Jakarta had planned to kick off an initial public offering of up to 30 percent of Garuda from the fourth quarter of this year.

But it has been put back to allow the offering to be put together using more up-to-date information based on Garuda's September financial report, which is currently being audited.

"We expect to sell the Garuda stake in the second week of January and list the shares on the Indonesia Stock Exchange the following month," said state enterprise deputy minister Machmuddin Yasin, according to Dow Jones Newswires.

"We also hope that the market situation will be much better early next year," he added.

State-owned Garuda is among a clutch of Indonesian firms planning public offerings as investors clamour to gain a foothold in Southeast Asia's emerging giant.

Garuda wants to raise 300 million dollars to strengthen its capital structure and help fund six new Airbus A330-200 aircraft valued at 1.15 billion dollars.

The airline -- which was on an EU safety blacklist from 2007 to 2009 -- has announced aggressive expansion plans, codenamed "Quantum Leap", running through to 2014.

Foreigners have been pouring money into Indonesia -- the biggest economy in Southeast Asia -- which was largely unaffected by the global financial crisis due to strong domestic demand and limited reliance on Western export markets

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