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10 January 2010
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Indonesian flag-carrier to get listed in Q1 2010

Indonesian State SOE Minister Mustafa Abubakar said the government would privatiste state airline company PT Garuda Indonesia through an initial public offering in the first quarter of 2010, reported the Jakarta Post.

“Let’s pray for positive market response, so that the shares that we sell will meet our target,” Mustafa said during the launch of a green campaign involving Garuda and Leuser International Foundation in Banda Aceh on Saturday.

Garuda will privatise 25 percent of its shares to raise $300 million it needs to buy new planes and improve services.

Garuda president director Emirsyah Satar said the company would purchase nearly 50 planes to strengthen its fleet of 67 planes by 2014.

The national flag carrier is one of three state enterprises that will go public this year. The other two companies are steel producer PT Krakatau Steel and construction company PT Pembangunan Perumahan.


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