Garuda postpones IPO to early 2011

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Garuda Indonesia has decided to postpone its listing on the Jakarta Stock Exchange to early 2011.

The initial public offer (IPO) was due to be launched by end-2010, but a delay in the auditing process means that it will be pushed to next year, says a spokesman at Indonesia's flag carrier.

"We are likely to have it in February. The audit report is being prepared and that needs more time. We will still go ahead early next year," he adds.

Indonesia plans to raise $300-400 million through the IPO after selling up to 40% of the state-owned company.