Close
Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Garuda Moves Ahead with IPO
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Garuda Moves Ahead with IPO

25% of Indonesian National Carrier on Sales as Garuda Restructures its Finances.


Bali News: Garuda Moves Ahead with IPO
Click Image to Enlarge

(1/20/2010)

The Indonesian government has confirmed that the national airline PT Garuda Indonesia will offer up to 25% of its shares via am initial public offering scheduled for Q2 of 2010.

To this end, an underwriter has been appointed by Garuda.

The Minister for State-Owned Enterprises, Mustafa Abubakar, told Bisnis Indonesia: "25% of Garuda shares will be released to the market. The funds will be used to pay for the expansion of the company. The entire process is now underway including the appointment of an underwriter."

Mustafa did not, however, explain if the Garuda shares held by Bank Mandiri would form part of the 25% block of the airline's shares offered to the public.

The Minister confirmed that Garuda and PT Krakatau Steel will hold initial public offerings (IPO), following an IPO for the state-owned PT Pembangunan Perumahan which operates in the public housing sector.

The 25% share of the national airline is less than the 49% initially proposed for public ownership.

The CEO of Garuda, Emirsyah Satar, told the press that nearly 100% of Garuda's debtors have accepted and agreed to the financial restructuring of the airline, including the acceptance of two floating-rate note valued at US$305.27 million and Rp. 366.28 billion.

Quoted recently by Bloomberg Business News, Eddy Porwanto, the Financial Director of Garuda, said that the airline would purchase back debts totaling US$122 at a discounted price of US$0.70 to the dollar. He added: "Garuda also plans to purchase back Rp 146.4 billion in obligations."

The reduction of debt loads and the overall financial restructuring of the airline are intended to ease the public offering of shares to take place before mid-2010.

The restructuring of the airline's debt also includes provisions to extend due dates on current debt to January 2018 and an increase in interest rates of 1.75% over the London Inter Bank Offered Rate (LIBOR) on its U.S. dollar denominated loans.

Garuda has also successfully renegotiated its outstanding debt with the State oil company Pertamina, and the State-owned Airport Authorities (Angkasa Pura I & II).

The Indonesian state-owned airline has also converted Rp. 967 billion in debt owed to Bank Mandiri into 10.61% of the company's shares.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.


 
 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Heinz's 100 Varieties of Indonesian Cuisine
Bookshelf: A New Approach to Indonesian Cooking by Heinz von Holzen
(10/20/2014)
We Get More Mail!
Folly has its Price. Spirited Comments of Disaffection Continue to Flow in About Bali’s Newly Renovated Airport
(10/20/2014)
Who Owns Bali’s Heritage
Legality of Badung Regency Funding of Taman Ayun Questioned by Badung Legislator
(10/19/2014)
The Gods Must be Irritated
French Climber Evacuated From Upper Slopes of Mount Agung
(10/20/2014)
Sauvetage en Mer
Bali Lifesavers Show Their Skills at International Surf Rescue Games in France
(10/19/2014)
Chefs Al Fresco in Sanur Bali
Bali Culinary Professionals to Meet at Swiss-Belresort Watu Jimbar on Saturday, October 25, 2014
(10/19/2014)
World Travel Agents to Meet in Bali
United Federation of Travel Agents to Meet in Bali November 16-19, 2014
(10/19/2014)
Travel May be Ebola’s Biggest Victim
Editorial: In the Unfolding Ebola Epidemic Crisis the Most Deadly Symptom May be Fear
(10/20/2014)
Human Charity – On the House
‘Together as One’ Fun Run Raises More than US$9.000 to Improve Housing for the Poor in Bali
(10/19/2014)
Passing Gas
Denpasar, Bali Mayor Joins Chorus Urging Port of Benoa Not be Used for LNG Depot
(10/19/2014)
Ignoring the Protests
Tirta Wahana Bali International to Go Ahead with Benoa Bay Reclamation Project
(10/19/2014)
Ease of Access
Indonesia Fails to Enforce Rules on Handicapped Access
(10/18/2014)
All [News]!