JAKARTA Feb 4 Indonesian flag carrier Garuda
Indonesia plans a rights issue in the first half of
this year, reducing the government's stake in the airline by
more than 9 percent, the company's vice president told Reuters
"Currently Indonesian government owns 69.14 percent stake.
After the rights issue, government ownership will be reduced to
around 60 percent," said Pujobroto, Garuda's VP Corporate
In October, the firm delayed its plan to raise $200 million
via a rights issue due to unfavourable market conditions.
Garuda will issue new shares and has appointed Bahana
Securities, Mandiri Sekuritas and Danareksa as joint
The airline operator said in October that it planned to add
up to 250 aircraft by 2025 to effectively double its fleet and
meet demand in one of the world's fastest-growing aviation
Garuda's shares closed down 0.62 percent at 482 rupiah on
Tuesday. The broader Jakarta stock exchange index was
down 0.78 percent.