Garuda gets 4 bids for budget carrier Citilink
[SINGAPORE] PT Garuda Indonesia has bids from four companies to purchase a stake in its low-fare unit Citilink as the national airline seeks a partner to expand amid a boom in air travel.
Garuda expects to take a decision on the strategic partner by June, chief executive officer Emirsyah Satar said in an interview in Singapore on Tuesday. The Jakarta-based company said on Monday it's planning an initial public offering for Citilink. Mr Satar declined to name the four bidders.
Getting a strategic partner and raising funds will help Garuda compete with PT Lion Mentari Airlines in a market where passenger numbers are expected to increase as much as 20 per cent this year. From Indonesia to Vietnam to Myanmar, carriers in South-east Asia are also buying aircraft as about 600 million people - as many as the combined population of the US, Germany and Brazil - fly more.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Qantas boss says demand for premium class seats at record levels
Lyft beats on bookings, adds new riders
Geely, Foretellix partner to jump-start self driving car development
Ferrari posts underwhelming earnings amid flat deliveries
Tesla’s China-made EV sales fall 18% y/y in April
Brokers’ take: SAC Research initiates ‘buy’ on Soilbuild with S$0.04 target