Garuda to delay IPO

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January 18th, 2009 alaksir Posted in Business news, Current events, Indonesian news in English |

Indonesian flagship airliner Garuda Indonesia Airways will delay holding an IPO it originally scheduled for Q3 this year. The company’s CEO Emirsyah Satar cited unfavorable market conditions as the reason for the delay.

Garuda originally planned to use the initial offering to raise funds to settle its debts amounting to about Rp5 trillion and to finance its purchase of new fleets.

Fifty new Boeing 737 NGs are planned to arrive at company hangars this year and ten new Boeing 777-300Rs next year, which Satar said will not be delayed as the company has another financing strategy.