Garuda unit set for Indonesia's biggest share sale in a year
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PT Garuda Maintenance Facility AeroAsia, a unit of national carrier PT Garuda Indonesia, plans to raise as much as US$300 million in an initial share sale to fund setting up of a new unit in an island near Singapore and expand overseas.
GMF AeroAsia, which conducts maintenance, repair and overhaul of aircraft for 170 customers, will offer between 20 per cent and 30 per cent of its equity to investors and is targeting an October listing on the Indonesia Stock Exchange, said president director Iwan Joeniarto. It will be the biggest initial share sale in South-east Asia's largest economy since PT Waskita Beton Precast raised US$402 million last September, according to data compiled by Bloomberg.
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