Garuda to go public in first quarter

Banda Aceh - State Enterprises Minister Mustafa Abubakar said here on Saturday PT Garuda Indonesia would go public in the first quarter this year.

"Let us pray it will be warmly welcomed by investors so that the target of shares to be sold will be met," he said at the launching of an environment program held by the state-owned airline company in cooperation with International Leuser Foundation (YLI) in Aceh.

He said PT Garuda would sell 25 percent of its shares to the public to raise Rp2.5 trillion to strengthen its capital.

Mustafa expressed his appreciation to the company that had been able to achieve a four-star ranking or one grade lower for the company to get the world`s highest ranking.

"We hope PT Garuda which is under the supervision of the office of the state enterprise minister will be able to achieve the five-star status so that the public listing program will be smooth," he said at the event which was also attended by Garuda president director Emirsyah Satar and Aceh governor Irwandi Yusuf.

PT Garuda Indonesia is optimistic the initial public offering could be realized in the first semester this year.

"Right now preparations are already being done including selecting the underwriters," he said.Emirsyah meanwhile said the IPO plan was part of the company`s restructuring program to improve its performance.

The proceeds from the IPO are expected to reach US$300 million and will be used to finance additional fleets, refurbishment as well as improving services," he said.

He said the result of the IPO would be dependable upon market conditions. "We will adapt it to the domestic capital market conditions," he said.

Emirsyah said until 2014 the number of the company`s fleets would be increased to 116 units from currently 67 units. The increase in the number of fleets will be followed by a hike in routes to serve and flight frequencies to reach 3,000 flights per week from currently around 1,700 flights.
Source : Antara News

ISLAMIC FINANCIAL INSTITUTIONS IN ALGERIA (GLOBAL FINANCE 2008) : Banque Albaraka d'Algéria

Bank Albaraka d' Algeria is the first banking institution with mixed capital (public and private). Created on May 20, 1991, with a capital of 2.500.000.000 DA, the Bank started its bankings themselves during September 1991. Its shareholders are the Bank of l' Agriculture and of Rural development (Algeria) and the Group Dallah Albaraka (Saudi Arabia). Governed by the provisions of the Law n° 90/10 of April 14, 1990 relating to the Currency and the Credit, it is entitled to carry out all the bank transactions, of financing and d' investment, in conformity with the principles of the chari' has Islamic.
Banque Albaraka d'Algéria, a subsidiary of Bahrain-based Albaraka Banking, has a network of 17 branches in Algeria operated according to the principles of shariah. It plans to open 33 new branches in the next five years. The bank's earnings rose 34% in 2007, and total assets increased by 35% to $846 million. The return on average shareholder equity was more than 24%.
Strategy of the Bank s' articulate around the following axes of development: (1)To develop the management systems of the Bank. (2) Control of the costs and installation of the tools d' profitability and of follow-up of the performances analyzes. (3) Cover of the national market by l' extension of the network d' exploitation and l' widening of the line of goods. (4) horizontal Diversification of the wallet d' activity. (5)Reinforcement of equities of the Bank.