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Bank Mandiri to dispose 7.4% at Garuda's IPO

JAKARTA: PT Bank Mandiri (Persero) Tbk will only dispose 7.4% of its shares at PT Garuda Indonesia (Persero) Tbk's initial public offering (IPO).The public expose on the IPO of the flag carrier this afternoon confirmed that the number of shares to be

JAKARTA: PT Bank Mandiri (Persero) Tbk will only dispose 7.4% of its shares at PT Garuda Indonesia (Persero) Tbk's initial public offering (IPO).The public expose on the IPO of the flag carrier this afternoon confirmed that the number of shares to be disposed is lower than its total holding which is 10.6%.Previously Garuda had a loan principal of IDR1.01 trillion to Mandiri. Of that amount, total interest to pay was IDR2.36 trillion.As part of payment agreement, Garuda gave Mandiri an opportunity to collect some of its shares as a trade-off to the loan principal. Meanwhile, the government would pay for the interest expense.President Director of Garuda Indonesia Emirsyah Satar said that the management will make efforts to create a healthier condition.Until end of September 2010, the company's loan reached US$1.24 billion while it collected US$1.42 billion revenue. Of that amount, the net income was US$64 million. (NOM)

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