PT Bank Mandiri Tbk convert the loan IDR1.01 trillion to 10.6% shares PT Garuda Indonesia. Bank Mandiri has got IDR50 billion payment from Garuda dealing with the finalization of debt restructuring worth IDR1.01 trillion, or about 5 percent of the outstanding of mandatory convertible bond (MCB) of Garuda owned by Bank Mandiri.
Garuda targets to tap some US$300 million-400 million in the maximum IPO of 40% shares for next year.
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