Minister of State-Owned Enterprises Rini Soemarno confirmed her ministry preparing several SOE’s unit to list their shares at Indonesia Stock Exchange (IDX) in this year.
“This year we hope GMF (PT Garuda Maintenance Facilities) go IPO. We hope in September or October,” She said.
After meeting with the capital market players at IDX on July 4, President Widodo expect the capital inflow to Indonesian capital market could grow double this year compared to last year worth of Rp126 trillion (US$9.47 billion) followed the positive momentum after Fitch Ratings, Moody’s, then Standard & Poors put Indonesia on the investment grade.
He noted, during January until May the capital inflows coming into Indonesia almost equal to last year’s figure worth of Rp124 trillion. To improve the market capitalization of IDX, President urged SOEs and foreign firms with their operations in Indonesia also list their shares and other instrument on IDX to finance their business.
Iwan Joeniarto, GMF Director, told reporters on July 20, that GMF plans to offer 30 percent shares to public, targeting to raise up to US$300 million, or equivalent Rp3.9 trillion from the IPO. The IPO proceeds aims to support GMF‘s expansion its services to international market.
Acting as underwriters for this IPO are PT Mandiri Sekuritas, PT Bahana Sekuritas, PT Danareksa Sekuritas, and PT BNI Sekuritas. Iwan said, GMF will propose registration for IPO to the Financial Services Authority on July 31 and the listing on the IDX in September.
GMF will hold a road show for IPO in Singapore, Kuala Lumpur, and Hong Kong. Pahala N. Mansury, President Director of GIAA added, that GMF aims to achieve $454 millions revenue with $69 million net profit margin which has been increased after gained $387 million in 2016 with $58 millions profit margin.GMF recognizes revenue from this service based on agreed tariff in the agreements.
GMF assets recorded $452.56 million per March 2017, higher than Citilink’s assets $355,54 million. Its’ outstanding loan reached $15.18 million, while outstanding balance is $6.04 million.
Availability becomes a concern for GMF caused by aircraft maintenance market growth significantly. One of capacity enhancement will be on Batam, GMF‘s accessibility to Singapore, the aviation center in Asia.
On October 2016, GMF becomes an officially bonded center. It brings an opportunity to GMF to expand the bonded center in Batam. The island considered as a right place to expanding the business and supported by the government.
As a blueprint of expanding its business in Batam, GMF is also widely open an opportunity for partnership. GMF has done a partnership with PT Merpati Maintenance Facility (MMF) for General Aviation Maintenance in Eastern Indonesia, especially in Manado and Biak.