Garuda Indonesia for 10 Boeing 777-300ERs instead, which it would take delivery of in 2013 to use on long-haul flights to Europe, and medium-haul flights within Asia, such as to Japan, China, Singapore and Saudi Arabia, as well as short-haul domestic routes between Jakarta and Denpasar. The airline made its debut on the Indonesia Stock Exchange in February 2011, with the government of Indonesia retaining a majority of the shares. PT Trans Airways bought 10.9 percent stake of Garuda Indonesia unsold IPO shares from underwriters on 27 April 2012. The transaction was valued at Rp 1.53 trillion ($166.8 million). In late 2014,
Garuda Indonesia Citilink, which provided low-cost flights to multiple Indonesian destinations and was spun-off in 2012. The earliest predecessor to Garuda Indonesia was KNILM, Royal Dutch Indies Airways, founded in 1928 during the Dutch colonial period; despite the similar name, it was not a subsidiary of the main Dutch carrier KLM. KNILM was dissolved in 1947, and its assets were transferred to a new KLM subsidiary, KLM Interinsulair Bedrijf (KLM Interinsular Service), which was nationalized in December 1949. The name "Garuda" was derived from a Dutch poem written by a renowned Javanese scholar and poet Raden Mas Noto Soeroto; ""Ik ben Garuda,