IN AN effort to restructure the company, PT Garuda Indonesia Tbk will hold a capital increase without pre-emptive rights (PMTHMETD) or known as a private place.
According to State-Owned Enterprises Minister Erick Thohir explained that the first stage to nourish Garuda Indonesia has been realized by restructuring and injecting State Capital Injection (PMN) of IDR7.5 trillion.
“Our second step is to look for a private placement in the next few months. We should not get used to selling state-owned enterprises at low prices,” Erick said after attending the Mandiri Investment Forum in Jakarta, Wednesday (02/01).
Separately, Deputy Minister of State-Owned Enterprises II, Kartika Wirjoatmodjo said, to execute this corporate action, Garuda has held talks with several airlines from the Middle East.
However, the talks are still at an early stage, not yet discussing the value of the investment. The man who is familiarly called Tiko hopes that in March there will be the latest information.
“We are targeting at least US$300 million to US$400. But we don’t know how the investors are,” said Tiko when met in Jakarta.
Tiko said that his party will still wait until the GIAA performance report as of March is released, so that investors can be sure that Garuda Indonesia has been healthy since the first quarter of 2023.
If you look at Garuda’s performance, as of September 30, 2022, Garuda Indonesia was able to record operating income of US$1.5 billion. This value increased by 60.34% on an annual basis or year on year (YoY) from US$939.02 million.
In terms of the bottom line, Garuda Indonesia managed to reverse a loss of US$1.66 billion during the nine months of 2021, to a profit of US$3.96 billion. If you look closely, the increase in Garuda Indonesia’s profit for the current period was supported by other operating income which reached US$4.27 billion. Meanwhile, Garuda’s operating expenses reached US$1.85 billion. [sources/photo special]