Friday, March 28, 2008
GARUDA To Be Privatized Next Year
Source: The Jakarta Post

State Minister for State-owned Enterprises Sofyan Djalil said Friday the national flag carrier Garuda Indonesia would be privatized through an initial public offering (IPO) next year.

"Garuda has been restructured and its financial condition has been a lot better. We hope to sell Garuda shares via an IPO next year," he said.

He went on to say the government would sell some 30 to 40 percent of its shares in Garuda to the public.

"This will also depend on the market situation later," he said.

Garuda posted an unaudited profit of Rp 259 billion (US$27.8 million) last year, compared to a loss of Rp 197 billion in 2006..