VIVAnews - The Ministry of State-owned Enterprises has assigned three underwriters to hold the initial public offering of Garuda Indonesia shares. The three are PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.
"The three are joining a consortium and together they will seek foreign partners," said the minister, Mustafa Abubakar, in Jakarta today, August 13.
The underwriters will prepare analysis concerning the implementation of the Garuda IPO.
Meanwhile, other supporting agencies include legal office Assegaf and Hamka and assessor Toto Suharto and partners, as well as securities administration bureau Datindo Entrycom.
The government is targeting that the IPO processes will complete by November 2010. The initial plan has it Garuda will release a maximum of 40 percent of shares gradually.
Despite the decrease in Garuda's profits in the first semester of 2010, Mustafa is optimistic than the performance in the second semester will be better due to hajj pilgrimage period, route additions, and new airplanes.
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Translated by: Bonardo Maulana W
