Jakarta, Indonesia (News Today) - State Enterprises Minister Mustafa Abubakar hinted on Wednesday Garuda Indonesia may postpone its planned initial public offering (IPO) of its shares until next year.
"It is almost certain (the IPO) will be postponed until next year as the preparations are still underway," he said here on Wednesday.
He said the audit of the company’s financial statement as one of the prerequisites for the IPO had not yet been completed. Garuda had originally planned to use its audited financial statement ended June 30, 2010 but later changed its mind to use its audited financial statement ended on September 30, 2010 for the IPO. Many have doubted the IPO of Garuda shares would yield maximum results.
"I think we’d better wait and see. Garuda has appointed underwriters and financial consultants so we’d better leave the IPO to them," Mustafa said.
Garuda plans to float a maximum of 30 percent of its shares to the public. The national flag carrier aims to raise US$200-300 million from the IPO. To conduct the IPO, Garuda has named PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas as underwriters.
In the first half of 2010, Garuda booked a net profit of Rp175 billion compared to around Rp400 billion in the same period last year. Garuda has set the target of its profit for 2010 at Rp1.2 trillion, up 20 percent of the projected profit of Rp1 trillion last year.
Earlier in the day, Deputy for Restructuring and Privatization to State Enterprises Minister Mahmudin Yasin said Garuda was likely to conduct the IPO in February 2011 instead of November 2010 as originally planned.
Source : kompas
Monday, September 27, 2010
Garuda May Postpone Its Planned IPO
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