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Indonesia’s Lion Air set to list shares

Illustrative image (Source: AFP/ VNA). Sketched by the Pan Pacific Agency.

Pan Pacific Agency | COMMUICATION AGENCY FOR PACIFICA REGIONS

HANOI, Oct 12, 2019, VNA. Indonesia’s Lion Air is set to launch an initial public offering (IPO) in a listing that could reportedly raise up to 1 billion USD, reported the Vietnam News Agency.

The fundraising by Southeast Asia’s largest airline comes after it suffered a recent customer data leak and nearly one year after a high-profile crash that killed 189 people.

The funds will be used to strengthen the company’s financial structure, Lion Air’s spokesman Danang Prihantoro said.

He, however, declined to comment on a timeline for the listing or how much the firm planned to raise.

Citing an unnamed source, Bloomberg News reported that Lion Air – which has postponed a public listing several times in the past – could raise as much as 1 billion USD in the upcoming listing.

That would make it Indonesia’s third-biggest IPO on record, according to Bloomberg data.

Last month, Lion Air said it suffered a data leak that reportedly affected millions of customers.

The leak involved the names, birthdays, addresses, phone numbers and other details of up to 35 million customers, the Jakarta Post reported, citing a source.

Last October, a Lion Air-operated Boeing 737 MAX slammed into the Java Sea minutes after taking off from Jakarta, killing all passengers aboard.

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