one of the major airlines in Indonesia, has announced to conduct a rights issue in October 2013

Victoria
By Victoria July 5, 2013 14:51

one of the major airlines in Indonesia, has announced to conduct a rights issue in October 2013

one of the major airlines in Indonesia, has announced to conduct a rights issue in October 2013. Through the rights issue, which involves the issuance of 10 percent of new shares, Garuda aims to reap USD $200 million. Garuda was a fully state-owned company before its initial public offering (IPO) in early 2011 when it released 30 percent of its shares. However, Indonesia’s House of Representatives (DPR) had approved total public offering up to 40 percent. The remaining 10 percent is now offered through the rights issuance.
Garuda will also offer IDR 2 trillion (USD $204.1 million) in bonds as part of the company’s expansion plan. The bonds offer is the first part of a series of bonds amounting to IDR 4 trillion over the next two years. About 80 percent of these funds will be used to finance expansion of its aircraft fleet. The bonds, which received a national senior unsecured rating of A(Idn) by Fitch Ratings Indonesia, have a five-year maturity term and a coupon rate of between 8.25 and 9.25 percent. The bonds will be listed on the Indonesia Stock Exchange (IDX) on 8 July 2013. Joint lead underwriters are Mandiri Sekuritas and Bahana Sekuritas.
It was also announced by the company that 24 new planes will be delivered to Garuda this year and 30 more in 2014. This will raise its total fleet size to 194 in 2015, and will also be accompanied by the opening of new fly routes in Indonesia, both domestic and international.

Victoria
By Victoria July 5, 2013 14:51
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