Garuda unit set for Indonesia's biggest share sale in a year

Jakarta

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 t…