Garuda to conduct public expose on its IPO plan

"Tomorrow (January 12) we will conduct a public expose," its president director, Emirsyah Satar, said here on Tuesday.

He said after conducting the public expose he would then conduct a roadshow to a number of countries.

"This week we will conduct a roadshow to Singapore, Hong Kong, the US (Boston and New York) and London," he said.

He said the activity was intended to attract investors particularly in the world markets to Garuda shares.

He said the expose would be related to share pricing, target of funds to be achieved as well as plans on use of funds from the IPO.

He said Garuda would be the first state-owned company to go public in 2011.

The government meanwhile plans to release 30 percent of the company`s shares to raise up to Rp4 trillion.

Of the total shares to be released 10 percent belongs to Bank Mandiri.

With regard to the IPO plan the company has already named underwriters namely PT Danareksa Sukuritas, PT Bahana Securities and PT Mandiri Sekuritas as well as UBS and Citibank as foreign underwriters.

For the IPO the company would use its financial report of September 2010. Until the thirs quarter of 2010 the company booked a net profit of Rp194 billion. (*)