Garuda Indonesia plans to let its maintenance, repair and overhaul (MRO) firm GMF AeroAsia have an initial public offering.
GMF AeroAsia will be having an IPO after the airline completes its own IPO in 2010, says Garuda president Emirsyah Satar.
Garuda owns 100% of GMF and Satar in the past had ruled out the possibility of GMF selling equity to outside investors.
But GMF wants investment so it can pay for two new maintenance hangars, the first of which it wants completed by the end of next year or early 2011.
Satar had earlier been unwilling to sell equity in GMF because the MRO firm contributes profits to the Garuda group.
Source: Air Transport Intelligence news
