JAKARTA, Jan. 10 (Xinhua) -- Indonesia's state airline firm PTGaruda Indonesia will go public in the first quarter of this year, the Jakarta Post reported on Sunday.

    "Let's pray for positive market response, so that the shares that we sell will meet our target," State Enterprises Minister Mustafa Abubakar was quoted as saying by the report.

    Garuda will privatize 25 percent of its shares to raise 300 million U.S. dollars it needs to buy new planes and improve services.

    Garuda's President Director Emirsyah Satar said the company would purchase nearly 50 planes to strengthen its fleet of 67 planes by 2014.

    The national flag carrier is one of three state enterprises that will go public this year. The other two companies are steel producer PT Krakatau Steel and construction company PT Pembangunan Perumahan.

Special Report:  Global Financial Crisis