Mar 14, 2011

Garuda & strategic investors

On last Friday, Indonesian flag carrier PT Garuda Indonesia Tbk (GIAA) surged 6% or Rp30 to Rp530 per share, leaving the stock at the biggest jump in one day since it has been listed at Indonesia Stock Exchange.
Any information about Garuda? 
On one hand, a market rumor said three shareholders, Danareksa, Bahana Securities, and Mandiri Sekuritas have been in talks with two potential investors. 
On the other hand, Mustafa Abubakar, State-Owned Enterprises Minister admitted that Director Sunu Widiatmoko at Bahana Securities and Director Kartika Wirdjoatmodjo have been candidates of Finance Director in Garuda Indonesia. "They have involved in fit and proper test as candidates of Garuda's CFO," said Mustafa.
Three brokerages are currently holding about 13% stake in Garuda Indonesia. After market was unable to absorb the stake during IPO, Danareksa, Bahana, and Mandiri Sekuritas become one of shareholders in the airlines company.
Since mid of July last year, Garuda's CFO has been vacant after the predecessor Eddy Porwanto resigned from his position and decided to join Rajawali Group, a group of companies controlled by Indonesian tycoon Peter Sondakh. Who is potential investor for Garuda? Please login or register to read the remaining story.  

Disclosure: No position at the stock mentioned above.
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