Mar 14, 2011

Garuda Indonesia surges 7.55%

Indonesian flag carrier PT Garuda Indonesia Tbk (GIAA) soared by 7.55% this morning to Rp570 per stock or 24% lower than the IPO’s price.
Such price jump was triggered by the rumor stating two strategic investors, Djarum Group and Rajawali willing to acquire the stock of the state run airline.
An executive closed with the three Garuda’s underwriters said that Garuda was once offered to Rajawali Group, a business entity being controlled by Indonesia’s tycoon, Peter Sondakh.
“There has not been any offer to Djarum Group. It is merely a rumor. Although it has been offered to Rajawali, we have not reached any price agreement,” he said.
At the moment, Danareksa Sekuritas, Bahana Securities, and Mandiri Sekuritas own more than 13% of Garuda’s stock. These underwriters absorbed Garuda’s unsold stocks during IPO.
Garuda was closed 6% lower to Rp530 per share last Friday. Today, the biggest net buyer brokerage happened to be Valbury Asia Securities with Rp36.18 billion, Indo Premier Securities with Rp2.58 billion, Reliance Securities with Rp1.11 billion, Investindo Nusantara with Rp1.08 billion and AM Capital Indonesia with Rp952.05 million. 

Disclosure: No position at the stock mentioned above.  

Print This Article

No comments: