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Garuda Targets Successful US$400 Million Public Offering

Public To Soon Be Offered Chance to Own Part of Indonesian National Airline.

(8/29/2009) Bisnis.com reports that State-owned Airline Garuda Indonesia is hoping to reap between US$100 and US$400 million in their initial public offering (IPO) of shares to the public.

The CEO of Garuda Indonesia, Emirsyah Satar, said he is optimistic that as much as US$400 million could be netted from the sale of shares now in its final stages of preparation. Emirsyah made his comments to the press after attending a fast-breaking reception with President Susilo Bambang Yudhoyono.

The Garuda CEO remained non-committal on the exact date for the proposed IPO. Buoyed by recent positive financial results and bright future prospects, Emirsyah predicted that by the year 2015 Garuda Indonesia would enjoy a financial standing equal to or greater to that of its competitor Singapore Airlines.