GARUDA INDONESIA BEGINS IPO PRE-MARKETING

Garuda Indonesia has begun pre-marketing for a $500 million initial public offering (IPO), an increase on the $400 million that Emirsyah Satar, Garuda’s president director, announced to investors in November. Some 9.36 billion shares will be sold in the airline – 79% in new shares and 21% of existing stock. The airline will begin meetings with investors on January 14, before being listed on the Jakarta stock exchange on February 11. Once listed, 36.5% of the company will be in public hands. Citigroup Inc. and UBS AG are handling the sale internationally, while PT Bahana Securities, PT Danareksa Sekuritas and