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Airline for Sale

Garuda Indonesia IPO Set for February 11, 2011.

(11/20/2010) Tempo Interactive quotes Sumaryanto Widayatin, the deputy minister in charge of infrastructure and logistics at the Ministry of State-owned Enterprises, confirming that the initial public offering of shares for national carrier PT Garuda Indonesia will take place in February 2011.

Citing a target date of February 11, 2011, Widayatin explained that Q1 of 2011 is deemed an opportune time to put the share offering before the public.

The money secured from the IPO will be used to retire debt and finance the modernization and expansion of Garuda's fleet of aircraft.

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