Indonesia's plan to sell stakes in two major state-owned enterprises SOEs is on track, according to Parikesit Suprapto, deputy minister of SOEs for financial institutions.
Garuda's long-awaited initial public offering is likely to be launched in the third quarter, and could raise up to $400 million. The national airline has recently reached an agreement to restructure its debts with the European Credit Agency, which is its biggest creditor.
The government also intends to sell a 30% stake in Krakatau Steel in November to raise a similar amount. Last year, the company signed a preliminary agreement with Korea's Pohang Iron Steel to build a new steel plant at Krakatau's industrial complex in Cilegon, West...
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