Refleksi : Bagi yang bermodal dan mau menanam modalnya ini kesempatan untuk menerbangkan Garuda.
http://www.thejakartaglobe.com/home/poor-prospects-see-garuda-ipos-wings-clipped/419285 Poor Prospects See Garuda IPO's Wings Clipped Faisal Maliki Baskoro | January 26, 2011 Flagship air carrier Garuda Indonesia has slashed the volume of its planned share sale and set a lower target price for its IPO after a tumultuous start to the year on the stock market. The minister of state-owned enterprises, Mustafa Abubakar, confirmed on Wednesday that Garuda would only sell 26.67 percent of its total equity, or about 6.36 billion shares, including a 7.2 percent stake belonging to state lender Bank Mandiri. The airline had said in its prospectus it would offload 36 percent, or 9.3 billion shares. The minister also said shares would be offered at Rp 750 ($0.08) each, at the bottom end of a price range that went up to Rp 1,100. Total proceeds from the sale now stand at Rp 4.77 trillion, of which Garuda will receive about Rp 3.3 trillion and Mandiri will collect Rp 1.45 trillion. "At present, the global market is not faring so well, and neither is our stock market. We need to be prudent about this situation," Mustafa said. According to the minister, underwriters had initially set the price range at Rp 560 to Rp 850 but had changed it following his request for a revaluation. "Garuda is our national pride. The price should be higher than that range," he said. "If you look at it from the initial range, the Rp 750 price tag is really not too cheap." Mustafa said that although the potential proceeds would be lower than the initial Rp 7 trillion expected, it was still enough for the carrier to fund its expansion plans. He also said that as much as 80 percent of the shares would be allocated to domestic investors, with the remainder going to foreigners. "It's not because there's a lack of appetite from foreign investors, but we want domestic investors to be a part of our flag carrier," he said. The allocation was in stark contrast to the planned spread for Bank Mandiri's rights issue, in which the government earmarked 40 percent of the offering for foreign investors. "Garuda is our pride and joy. It is different from the banking sector," Mustafa said without elaborating further. The airline, which was established in 1949, is planning to expand its fleet of 84 planes to 150 by 2015. It also plans to introduce new routes, including to India. Garuda currently services 31 domestic and 19 international destinations. In a recent traveler survey, London-based Skytrax named Garuda the world's most-improved airline. The research company has awarded the airline a four-star rating, with five stars being the highest. The airline was in the black for a third consecutive year when it posted a net income of Rp 1 trillion in 2009. [Non-text portions of this message have been removed] ------------------------------------ Post message: [email protected] Subscribe : [email protected] Unsubscribe : [email protected] List owner : [email protected] Homepage : http://proletar.8m.com/Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/proletar/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/proletar/join (Yahoo! ID required) <*> To change settings via email: [email protected] [email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
