January 26, 2018 / 10:41 AM / a year ago

Indonesia's GMF AeroAsia to raise $59 million in new share sale

Garuda Maintenance Facility AeroAsia, the aircraft maintenance and repair unit of Indonesian flag carrier PT Garuda Indonesia Tbk, in Tangerang, Indonesia, September 20, 2017. Picture taken September 20, 2017. REUTERS/Beawiharta

JAKARTA (Reuters) - Indonesia’s PT Garuda Maintenance Facility AeroAsia (GMFI.JK) said on Friday it would sell 2.34 billion new shares at a minimum price of 336 rupiah a piece in a share sale.

The company, a unit of flag carrier PT Garuda Indonesia (GIAA.JK), said in a statement it could raise 785.48 billion rupiah ($59.03 million) in the offering of the 8.28 percent stake.

The sale of new shares would be part of its stake sale to a strategic investor, where it planned to sell a 20 percent stake.

($1 = 13,306 rupiah)

Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Jacqueline Wong

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