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, 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.

       

 
Plaga Wine
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
When Meeting Planners Meet
‘Thank You’ Party held for Members of the Bali MICE Initiative
(2/7/2016)
A Record Year
Bali by the Numbers: Bali Tops 4 Million Visitors in 2015
(2/7/2016)
Enter the Year of the Monkey
Bali Expecting a Surge in Chinese Visitors for Lunar New Year
(2/7/2016)
When Helping Others is Highly Fashionable
Bali Smile Foundation Fashion Show Sales and Fund Raiser in Ubud, Friday, February 26, 2016
(2/8/2016)
The Evil of Advertising
Denpasar Government Begins to Dismantle Roadside Advertising for Cigarettes
(2/7/2016)
Reclaiming Sanity
Tourism Experts Warn Reclamation of Benoa Bay will Only Worsen Critical Over-Supply of Hotel Rooms in Bali
(2/7/2016)
Interview: Rainy Hendriany – Foreign Ownership Update
Foreign Property Ownership in Indonesia – One Step Forward and Two Steps Back?
(2/8/2016)
Half a World is Now Just One Flight Away
United Airlines to Introduce 15-Hour Non-Stop San Francisco to Singapore in June 2016
(2/7/2016)
London Calling
Garuda Indonesia to Fly to London from Jakarta Starting March 31, 2016
(2/7/2016)
Drawing Lines in the Sand
Villagers Issue Deadline Ultimatum of March 20, 2016 to Hotel InterContinental Canggu
(2/7/2016)
Pass the Popcorn!
10th BALINALE Bali Film Festival September 24-30, 2016
(2/7/2016)
Tiger Shows it Stripes
TigerAir Reveals the Look of Planes to be Operated on Oz to Bali flights.
(2/7/2016)
All [News]!