January 22, 2018 / 9:45 AM / 7 months ago

Indonesia's GMF AeroAsia says Airfrance-KLM unit shortlisted as strategic partner

JAKARTA (Reuters) - Indonesia’s PT Garuda Maintenance Facility AeroAsia (GMF AeroAsia) will pick Airfrance-KLM group’s maintenance, repair and overhaul unit as a strategic investor after narrowing down a list of potential partners, a GMF AeroAsia executive said.

PT Garuda Indonesia Tbk’s CEO said in October the flag carrier estimated its unit GMF AeroAsia could raise $200 million from selling a 20 percent stake to a strategic buyer.

GMF AeroAsia has a longstanding partnership with Air France Industries KLM Engineering & Maintenance.

Corporate secretary Mohammad Arif Faisal also told reporters on Monday that GMF AeroAsia would seek shareholders’ approval for a 20 percent stake sale in March and expects a deal would be signed soon after.

Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Muralikumar Anantharaman

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