GMF AeroAsia technicians walk past a Garuda Indonesia aircraft on the tarmac at GMF AeroAsias hangar in Tangerang January 12, 2011. PT Garuda Indonesia, the nations largest carrier by fleet size, has set the price range for a forthcoming IPO at 750 rupiah to 1,100 rupiah per share Jakarta, Indonesia (News Today) - Local investors are preferred for buying the shares of state-owned airline Garuda Indonesia which is to go public this year, according to State Enterprises Minister Mustafa Abubakar on Tuesday.
"The portion of local retail or individual investors (are preferred) so that (there will be a feeling of possessing a state-owned company," Minister Abubakar said at his office.
He envisaged local investors would take in between 70 and 80 percent of the shares should there only be low interest from foreign investors.
"The government would like to educate the people so that they will have a sense of duty to buy the shares of a state-owned company," the minister said, adding that the government would also like the public to know that the sale of Garuda’s shares was a solution to keep up its performance.
In light of the public offering of its shares, Garuda Indonesia had recently conducted a roadshow in Singapore, the United States and London.
"We’ve seen high interest among foreign investors (for Garuda shares)," he added.
Minister Abubakar also said the pattern for the shares of SOEs to the public as implemented with Garuda, where local investors are preferred, will also be implemented to other state enterprises which have also taken similar steps.
The initial public offering of Garuda will begin on February 11, 2011 with the first bulk of shares to be sold amounting to 36.48 percent, or equivalent to 9.36 billion shares. It is predicted each share will be sold for about 750-1,100 rupiahs. Garuda hopes to raise Rp10 trillion from the IPO.
Source : kompas
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