Garuda Indonesia: To delay Citilink’s IPO.
Garuda Indonesia plans to delay the IPO of its subsidiary, Citilink Indonesia for this year, and it intends to strengthen Citilink’s performance before its IPO. GIAA reported that Citilink contributed US$500m-600m of revenue in 2015. GIAA targets to carry 40m passengers this year, which is 11% higher than number of passengers in 2015. The company aims to add 23 new planes this year, of which six units are Garuda wide body, nine are ATR, and eight are Boeing 320. The company has allocated a capex of US$160m this year which comes from the internal and external financing.