PT Trans Airways, an airline company owned by Indonesian businessman Chairul Tanjung, owner of Trans Corporation, is the only bidder which has proposed Rp620 for shares of PT Garuda Indonesia Tbk (GIAA) that are currently held by PT Danareksa Sekuritas and PT Bahana Securities.
Credit Suisse is acting as financial adviser and lender for those shares purchase of Trans Airways, while Morgan Stanley is financial adviser for Danareksa, Bahana, and PT Mandiri Sekuritas.
On Monday evening, Danareksa and Bahana have signed trade confirmation agreement that allow them to sell Garuda shares via block sale to Trans Airways, despite their potential loss. Mandiri Sekuritas has not signed the agreement.
According to the confirmation letter, Trans Airways and those sellers are expected to settle the shares sale on Friday.
Disclosure: No position at the stock mentioned above.
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