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Garuda says no plan for GMF to hold IPO

JAKARTA: PT Garuda Indonesia (Persero) has no plan to hold an initial public offering (IPO) of its subsidiary Garuda Maintenance Facility (GMF) Aeroasia this year.Garuda Indonesia Director of Finance Elisa Lumbantoruan said GMF IPO was delayed from the
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 31 Januari 2011  |  10:57 WIB

JAKARTA: PT Garuda Indonesia (Persero) has no plan to hold an initial public offering (IPO) of its subsidiary Garuda Maintenance Facility (GMF) Aeroasia this year.Garuda Indonesia Director of Finance Elisa Lumbantoruan said GMF IPO was delayed from the original schedule this year and become long-term plan of the company.The reschedule, she added, was amid to company intention to focus on Garuda IPO along with a stronger subsidiary. However, GMF IPO is still on company agenda as they have a big potential.GMF is actually ready for IPO, but if you want to have it, 50% of IPO revenue should come from outside. To date, 70% of GMF revenue comes from Garuda. At first, we were afraid Garuda could not hold an IPO, but at the end we can. We are trying to develop the business first.Garuda, she informed, will continue selecting strategic partner to establish cooperation on engine shop. Aircraft maintenance will be handled by GMF.Its for Garuda development. If the infrastructure is with GNF. We are looking for strategic partner on engine shop.previously, Garuda Indonesia President Emirsyah Satar said they put investment flow to GMF as their priority then other subsidiaries, as a way to go public.Garuda also preparing all of its subsidiaries to go public and will be scheduled at the right time. Garuda Indonesia subsidiaries are Aerowisata, GMF, Aero Systems, Abacus and Gapura Angkasa.In 5 years, he continued, Garuda and its subsidiaries require US$1.2 billion, that will come from cash flow and sales and lease back (SLB). Investment in GMF will be used to open aircraft maintenance center and a new hangar.For 2011, GMF is planning to establish new hangar in Cengkareng and in Makasar, next year. (T05/wiw)


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