Asgara becomes largest buyer for Garuda IPO

JAKARTA: Asgara (state run insurance company) becomes the largest buyer during the initial public offering (IPO) of PT Garuda Indonesia (Persero) Tbk.Deputy Minister of State-Owned Enterprises on Banking and Financial Services, Parikesit Suprapto said that one of the buyers of Garudas stake during the IPO includes PT Jaminan Sosial Tenaga Kerja (Persero) (Jamsostek).There are few other buyers and Asgara happens to be one of the largest buyers. We havent known the exact amount as it is more likely a business to business relation, he said today.According to Parikesit, Asgara acquired Garudas stake merely due to investment portfolio consideration.In the meantime, President Director of Jamsostek, Hotbonar Sinaga during the official release said that the company prepares IDR250-IDR300 billion to buy Garudas stake.Actually we would like to buy in a larger portion. Yet, referring to our regulation rules, we can only buy 5% from free float at the most, said Hotbonar.Hotbonar further added that the company shall commit as Garudas long term investor by not reissuing the stakes in the next two or three years.The Ministry of State-Owned Ministry until now has not reported any problems with regard to the stake absorption of PT Garuda Indonesia (Persero) Tbk during the initial public offering.Minister of State-Owned Enterprises, Mustafa Abubakar said that the department has received a report from the underwriter stating that such absorption is relatively normal. As a matter of fact, no barriers impede such stake absorption. (T02/wiw)

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