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)