Garuda Stake Bought On the Cheap

A thorn which, for the past year, had caused grief to state-controlled brokerage firms Bahana Securities, Danareksa Securities and Mandiri Securities, was finally removed. Two weeks ago, PT Trans Airways, owned by Chairul's CT Corp, paid these firms Rp1.44 trillion for 10.3 percent of the stake in national airlines Garuda Indonesia (GIAA), which had remained unsold after last year's initial public offering (IPO). We sold it all as a block sale," sai

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