JAKARTA – Garuda Indonesia is planning an asset sale to raise US$75 million in cash as part of an ongoing economic restructuring. The move requires shareholder approval.
The financial director of Garuda, Alex MT Maneklaran, told the Indonesian-language Bisnis Indonesia the sale involved “non-productive” assets and subsidiary companies.
Bali Update newswire (www.balidiscovery.com) listed the assets expected to be put up for sale by Garuda, including the company’s headquarters in Jakarta, five DC-10 aircraft, PT Garuda Maintenance Facility – Aero Asia (GMF) and PT Aerowisata Catering Services,
It said plans are also afoot that will see the management of Garuda’s low cost carrier Citilink split off from the national carrier, expected to be completed by January 1, 2008.
