GOVERNMENT SELLS SMALLER STAKE IN PT GARUDA INDONESIA

The Indonesia government has put just 24% of the state-owned airline PT Garuda Indonesia up for sale after shares in the airline failed to reach the desired price. Investors were unable to overlook concerns that the airline can navigate government meddling and contend with growing competition. The carrier had planned to sell a 37% stake for a little more than $1 billion but the pricing for the initial public offering failed to reach that level. As a result the government announced yesterday that it is putting only 24% of the airline up for sale at a reduced price that valued