Garuda prepares IPO, ups Sydney-Jakarta flights
Indonesian flag carrier Garuda will soon begin roadshows for its upcoming IPO, scheduled for 11 February. The company is hoping to raise US$500 million through the sale of 9.36 billion shares, bringing public ownership of the state-controlled airline to 36.5% and using the funds for capital expenditure and pre-delivery payments.
Garuda is also responding to an increase in passengers from Australia to Jakarta by expanding its Sydney-Jakarta route from three times weekly to once a day. While Bali has traditionally been in the #1 destination for Australian passengers, an upgrade of international transit facilities at Jakarta has made the airport a more attractive destination and stopover for passengers on their way to Europe and other parts of Asia. The airline also offers a ‘visa on board’ service, reportedly the first of its kind in the world.
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