Flag carrier Garuda Indonesia has appointed PT Bahana Securities and Ernst & Young – out of fi ve fi rms joining the bidding process – as fi nancial advisors. Both will help the carrier in divesting 49 percent of its stakes.

CEO Emirsyah Satar said that the move is a preparatory step for the carrier’s initial public offering. He also expected that the government will soon appoint the strategic partner of Garuda. Several investors have expressed interest to cooperate with Garuda, including the Rajawali Group that openly stated its interest.

Other names mentioned are Lufthansa, Air Canada, Thai Airways, and Texas Pacifi c Group which is said to have concluded an alliance with the Rajawali Group.

Meanwhile, Garuda said it is targeting a profi t of about Rp45 billion, due to higher load factors in passenger and cargo, a route re-evaluation and higher aircraft utilisation. – Siktus Harson