Mandiri Takes Garuda Stake
In a statement to the Indonesia Stock Exchange (IDX) on Monday, PT Bank Mandiri confirmed that it had signed on Dec. 30 an agreement to convert state-owned carrier PT Garuda Indonesia’s Rp 967 billion ($103.5 million) debt into a 10.6 percent stake in the airline.
Garuda plans to raise as much as $400 million in an IPO in the middle of this year. Mandiri must sell its stake when the IPO is conducted. Bank Indonesia had granted Mandiri a temporary exemption to a regulation prohibiting banks from owning shares in companies not in the financial sector. Bloomberg
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