State flag carrier PT Garuda Indonesia will divest its shares in two phases, the company said, first through an initial public offering (IPO) and then followed by releasing more shares next year.
"The process will be separated into two phases. In the first phase we will sell 30 percent of shares, then in the second phase we will issue 10 percent through a secondary market," Sumaryanto Widatin, the deputy of infrastructure and logistics at the State-Owned Enterprises Ministry said on Nov. 19.
He said that 10 percent of the stake belonging to state bank PT Bank Mandiri would be issued in the first phase. The company plans to net Rp 3 trillion (US$330 million) through the IPO and another Rp 1 trillion through the next offering.
"The process will be separated into two phases. In the first phase we will sell 30 percent of shares, then in the second phase we will issue 10 percent through a secondary market," Sumaryanto Widatin, the deputy of infrastructure and logistics at the State-Owned Enterprises Ministry said on Nov. 19.
He said that 10 percent of the stake belonging to state bank PT Bank Mandiri would be issued in the first phase. The company plans to net Rp 3 trillion (US$330 million) through the IPO and another Rp 1 trillion through the next offering.
