Mandiri to sell Garuda stocks

PT Bank Mandiri Tbk is surely to sell 10 percent shares of PT Garuda Indonesia through initial public offering (IPO).
Garuda targets to rake up some US$400 million from next year IPO.
Director of Bank Mandiri Abdul Rahman said the corporate debt conversion worth US$100 million to Garuda is proposed to swap into equity.
"We will surely sell the stocks. It could be done along with the IPO of Garuda as Bank Mandiri is not allowed to possess shares. We are talking about the conversion option with the team from the State Enterprise Ministry and Garuda," he said last week.
Garuda targets to tapi IDR22.31 trillion revenue this year or rose 15 percent from last year driven by some cooperation made with some other firms in Indonesia.
Garuda projected to tap IDr3.7 trillion net profit by 2014 with 27.6 million passengers. The net profit in 2008 was IDr669 billion and targeted to mount to IDR3.7 trillion in 2014.