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GMF Aero Asia postpones its IPO

JAKARTA: Having revenue dependence on its parent company has made PT Garuda Maintenance Facility (GMF) Aero Asia to postpone its initial public offering (IPO)s plan by this year.Meanwhile, Director of Finance of PT Garuda Indonesia Tbk (Persero) Elisa
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News Editor - Bisnis.com 01 Februari 2011  |  05:18 WIB

JAKARTA: Having revenue dependence on its parent company has made PT Garuda Maintenance Facility (GMF) Aero Asia to postpone its initial public offering (IPO)s plan by this year.Meanwhile, Director of Finance of PT Garuda Indonesia Tbk (Persero) Elisa Lumbantoruan disclosed the IPO postponement of GMF that had been scheduled initially by this year to be its long-term plan.As she continued, the company rescheduled its IPO so as to focus on the IPO of its parent company in line with effort to strengthen subsidiaries business. However, Elisa affirmed that considering high potency, IPO plan of GMF will be realized.Actually, GMF is ready to IPO, in a case of gaining 50% revenue from external revenues of the parent company. Now, as much as 70% of GMFs revenues come from Garuda.At the time, GMF planned to execute IPO because of impossibility of Garuda to implement IPO, but now Garudas IPO is on process. Thus, it keeps expanding the business first, he affirmed yesterday.Previously, President Director of Garuda Indonesia Emirsyah Satar informed that the carrier prioritizes investment flows to GMF than other subsidiaries in order to consolidate its performance and support its go-public plan.In addition, he also plans to prepare all subsidiaries to be public companies, at a right time. In the meantime, Garuda eyes for income growth to over IDR1 trillion or a jump of 42%-45% against last years unaudited income of IDR420 billion-IDR450 billion.Underwriters portionOn the other hand, relating to the IPO of state-owned aviation company, out of three underwriters of Garudas IPO, a lead underwriter has not yet fulfilled underwriting portion, according to an officer who knew the transaction process.Lead underwriters of Garudas IPO are Bahana Securities, Danareksa Sekuritas, and Mandiri Sekuritas supported by 50 brokers of underwriter syndication.Gaining equal portion, the underwriters commit to totally absorb IDR1.23 trillion of Garudas shares.According to him, if Minister of State-Owned Enterprises (SOEs) Mustafa Abubakar asks Bahana, Danareksa, and Mandiri Sekuritas for absorbing remaining shares of Garuda, external fund likely will be utilized.President Director of Bahana Securities Eko Yuliantoro affirmed to sell Garudas shares as targeted.Deputy Minister of SOEs for Restructuring and Privatization Achiran Pandu Djajanto said that a state-owned insurance company is the largest buyer of Garuda Indonesias shares.Director of Investment of Jamsostek Elvyn G. Massasya said that the insurance company participates in the IPO process by allocating fund to absorb 5% of issued shares or IDR234 billion.Director of PT Nikko Securities Adler H. Manurung viewed that the Garudas shares have hidden valuation coming from US$350 million investment so it is normal if the companys share prices appreciate. (T01/NOM)


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