Emerging Indonesian business group CT Corp, own by Chairul Tanjung, looks set to become the
biggest private shareholder in national flag carrier PT Garuda Indonesia Tbk
after it became sole bidder for a 10.9 percent stake in the airline. Chairul Tanjung take over the share through Trans Airways.
As much as 10.9% or 2.47 billion stocks of PT Garuda Indonesia Tbk which held by three IPO underwriters are sold at IDR620, 17.33% lower than initial price offered to the consortium led by national businessmen.
Of the three Garuda IPO underwriters, PT Bahana Securities and PT Danareksa Sekuritas were known to have signed a trade confirmation with buyer’s consortium Tuesday night. The stake, currently owned by three state-brokerage firms, Mandiri, Bahana and Danareksa, is valued at least IDR1.5 trillion (U$163.28 million).
Of the three Garuda IPO underwriters, PT Bahana Securities and PT Danareksa Sekuritas were known to have signed a trade confirmation with buyer’s consortium Tuesday night. The stake, currently owned by three state-brokerage firms, Mandiri, Bahana and Danareksa, is valued at least IDR1.5 trillion (U$163.28 million).
The government owns a 69 percent stake in Garuda after it launched a
disappointing $532 million initial public offering in Feb. 2011 when the
share price collapsed on debut due to its high valuation and political
interference in its pricing.
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