After holding the 40% of shares on their books since last year, underwriters of PT Garuda Indonesia initial public offering have finally sold the stock. Indonesian airline, PT Trans Airways, will buy a 10.9% stake in the company from three state-owned brokerages, Mandiri Sekuritas, Danareksa Sekuritas and Bahana Sekuritas, which underwrote Garuda’s IPO last year. Trans Airways will purchase the shares at 620 rupiahs ($0.068), a 17.3% discount to Garuda’s 750 rupiah IPO price in February 2011. Those three underwriters absorbed nearly 40% of Garuda’s shares last year due to weak demand. Garuda shares were up 9% on the

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