Indonesia's GMF AeroAsia to raise $59 million in new share sale

JAKARTA (Reuters) - Indonesia's PT Garuda Maintenance Facility AeroAsia said on Friday it would sell 2.34 billion new shares at a minimum price of 336 rupiah a piece in a share sale.

(Reuters)

The company, a unit of flag carrier PT Garuda Indonesia, said in a statement it could raise 785.48 billion rupiah ($59.03 million) in the offering of the 8.28 percent stake.

The sale of new shares would be part of its stake sale to a strategic investor, where it planned to sell a 20 percent stake.

($1 = 13,306 rupiah)

(Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Jacqueline Wong)