Garuda wants to raise US$200 million from share sales | Company data
(Insider Stories) –Flag carrier PT Garuda Indonesia (GIIA) plans to release up to 10% of the company or around three billion shares this year or next year in order to raise at least US$200 million, and is planning to issue IDR2 trillion five-year rupiah bonds at the end of June with PT Mandiri Sekuritas and PT Bahana Securities as joint lead underwriters, Garuda Finance Director Handrito Hardjono says.
It also plans to sell up to 20% of the shares in its maintenance,repair and overhaul unit PT GMF Aero Asia in the second half of 2013 to finance investments planned at around IDR1 trillion in the next three years.
Shareholders also approved telecommunications specialist Erik Meijer, previously at PT Indosat, as Marketing and Sales Director to replace Eliza Lumbantoruan, as Garuda seeks to bolster its board of directors amid strengthening competition from rivals like Lion Air.
In the first quarter of the year net profit rose almost 300% on year, to US$19.3 million from US$4.9 million, as its business grew faster.
