Feb 13, 2011

ASEI spends Rp3 bio for Garuda

Insurance company PT Asuransi Ekspor Indonesia (ASEI) reported a shares purchase of Indonesian flag carrier PT Garuda Indonesia (Persero) Tbk (GIAA) worth Rp3 billion.
Equity Investment Staff Suryanto at ASEI, as quoted by Kontan today, said the participation during Garuda IPO is not merely encouraged by Minister of Finance Agus D.W. Martowardojo.
ASEI saw other reasons why it participated during Garuda IPO. According to him, there are three main reasons in investment, return, risk, and liquidity. He argued that Garuda shares have fulfill the aspects.
With strong efforts to improve internally, he believed Garuda may provide high return.
In separate occasion, Finance Director Hary Prasetyo at PT Asuransi Jiwasraya, declined to clearly mention its investment in Garuda IPO. The value is not as much as PT Jamsostek worth Rp210 billion. However, he admitted that Jiwasraya participated more than Rp3 billion in Garuda IPO, intending to diversify investment.

Disclosure: No position at the stock mentioned above.  

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