Garuda plane buy queried

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Monday, 14 February 2011

Indonesia's Garuda Indonesia was planning to buy 57 planes using funds from its recent stock market float, but there may not be much cash coming soon.

The planes Garuda wanted were Airbus A330 and Boeing 737-800s.

Garuda expected to earn about US$358.5 million from the float, but its share price dropped after listing.

"It's just bad timing," said Bayburs Alfaris, a trader at Kim Eng Securities.