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August 29, 2008

Indonesian government approves flag-carrier’s IPO

Indonesian government has given the green light for the privatization of the state airline company PT Garuda Indonesia through an initial public offering (IPO) to be carried out next year, state news agency Antara reported.

"Garuda's IPO will be included in the company's work program and budget plan for 2009," said Garuda operations director, Ari Sapari, after a meeting with State Minister for State Enterprises Sofyan Djalil on Wednesday.

Previously, Sofyan named Garuda as one of the state enterprises nominated for privatization in 2009 and that the IPO was a part of efforts to restructure the company.

Garuda's has been improving its financial performance, recording 258 billion rupiah ($28.38 million) in net profit last year.

During the previous three years, however, Garuda suffered annual deficits of 197 billion rupiah in 2006, 688.4 billion rupiah in 2005 and 811.3 billion rupiah in 2004.

Garuda president director Emirsyah Satar said the government was likely to maintain its control over the company by selling less than 49 percent of its shares.

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