State-owned airlines company PT Garuda Indonesia seems unable to enroll Indonesia's stock market this year because it should settle two major problems which could hamper initial public offering (IPO).
Unnamed source at Garuda, as reported by Kontan daily, said two main problems are debt restructuring with export credit agency. The debt restructuring might be signed in October.
Another problem is auditor Deloitte Indonesia might complete the audit on Garuda in November, resulting stock valuation.
"Deloitte requires more time to verify every asset of Garuda. It needs more time. Hence, it is difficult for Deloitte to meet the target provided by State-Owned Enterprises Ministry in September," the source said.
But, Garuda President Director Emirsyah Satar said the company strives to exercise IPO this year.
Disclosure: No position at the stock mentioned above.
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