GARUDA INDONESIA URGED TO POSTPONE IPO

Government officials are urging Garuda Indonesia to postpone its initial public offering (IPO) to prevent a potentially low sales price. “It [the IPO] must be delayed until we consider it sound in terms of finance, ranking and transparency,” Nurdin Tampubolon, the vice chairman of House of Representatives’ Commission VI overseeing state-owned companies. A low price would result in a “loss to Garuda and automatically the public” warned Tampubolon.