Garuda to buy 17 new planes with IPO money

State airline operator PT Garuda Indonesia Tbk is spending some of its IPO revenue on 17 new airplanes.

They plan to purchase nine Boeing 737-800 Next Generation (NG) aircrafts, two Airbus A330-200s and six Airbus 320s.

Nine Boeing 737-800 NG and two Airbus A330s are scheduled to arrive in the country this year.

Garuda finance director Elisa Lumbantoruan said the company has spent between US$120 to 125 million out of the US$350 million garnered during the IPO.

Six Airbus A320s are expected to arrive in the second quarter of 2011 to help strengthen the airline’s no-frills Citilink fleet.

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