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Garuda Indonesia unit GMF AeroAsia to raise up to $422 million from IPO

12 Sep 2017 07:20:10

reuters.com

Garuda Maintenance Facility AeroAsia, the aircraft maintenance and repair unit of Indonesian flag carrier PT Garuda Indonesia Tbk (GIAA.JK), is raising as much as 5.55 trillion rupiah ($422 million) from an IPO to help drive its expansion plans.


GMF AeroAsia is selling a maximum of 10.9 billion new shares at a price range of 390-510 rupiah apiece, a term sheet shows.


The company is hoping to sell 10 percent to strategic investors, said Helmi Imam Satriyono, finance director at GMF’s parent Garuda. Five maintenance, repair and overhaul (MRO) companies from Asia and Europe had shown interest, he added.


“This offering is mainly to drive global expansion,” GMF CEO Iwan Joeniarto said at a briefing on Monday.


Read full story: reuters.com

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