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
Jln. By Pass Ida Bagus Mantra,
Jln. Pucuk 1 No. 70X
Denpasar, Bali
Indonesia

24h:
+62 (0)812 3819724
Tel:
+62 (0)361 464 032, +62 (0)361 471 0242

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, Bank Mandiri, IPO, restructuring
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
Sunset Swim Ends Tragically
Finnish Tourist Drowns Off Berawa Beach in Bali
(2/18/2018)
Making a Difference in the Lives of Bali Children
Australian Margaret Barry Honored with Order of Australian Medal for Her Work with Bali Children Foundation.
(2/18/2018)
Bale Banjar Culture Club: Balinese Music Demystified
Vaughn Hatch of Mekar Bhuana Speaks on Balinese Music at March 11, 2018, Bale Banjar Lecture Ė Ayoda Resort Bali
(2/18/2018)
350-kms by Hand Cycle Around Bali
Giro Hand Cycle Ride Around Bali April 28 Ė May 1, 2018
(2/18/2018)
Writing it Long, Writing it Clear
Protestors Bring 150-Meter-Long Banner to Governorís Office Rejecting Reclamation of Benoa Bay
(2/18/2018)
Canines Who Dine on What You Donít
Hotel in Ubud Recycles Leftover Food to Feed Hungry Bali Dogs
(2/18/2018)
Hate Two Pieces
Angry Citizens Demand Removal of Hotel Advertisement on Denpasar Ė Gilimanuk Highway.
(2/18/2018)
Itís All Happening at the Zoo!
Bali Zoo Booming Over Chinese New Year Period
(2/18/2018)
Banyuwangi as a New Gateway to Bali
Banyuwangi Ė the Quick Way to Access Baliís West and North, Now Poised to Become International Airport
(2/18/2018)
Fore Play in Nusa Dua
Free Golf Lessons on Wednesdays and Saturdays at Bali National Golf
(2/18/2018)
American Dies While Surfing
American Living in Bali Dies While Surfing off Sanur Beach
(2/18/2018)
A Nation of Islands; A Nation of Sails
Indonesian Traditional Pinisi Sailing Ships Named Icon of Cultural Heritage
(2/18/2018)
All [News]!