JAKARTA -PT Garuda Maintenance Facility Aero Asia Tbk (GMFI)to officially hold a rights issue of 11.73 billion shares or equal to a maximum of 41.7% of total issued and paid-up capital.
Total votes that have agreed upon this corporate action represent 25.45 billion shares or 99.99% of 25.45 billion shares attending the Extraordinary General Meeting of Shareholders (EGMS).
Andi Fachrurrozi, President Director of GMFI, mentioned that the company is planning to hold series B rights issue of IDR 25 per share. “This is our strategy to improve the company’s equity,” he said during the EGMS in Cengkareng, Banten (28/10).
Earlier in this first semester of 2024, the company reported equity deficiency of USD 298.12 million, improving from December 2023, in which GMFI’s equity was at USD 311.16 million.
PT Garuda Indonesia (Persero) Tbk (GIAA), as the controlling shareholder of GMFI, will increase the capital through non-cash transfer (inbreng) to support this corporate action. The assets will include hangar I, II, and III, as well as other supporting locations located in Soekarno-Hatta Airport, Cengkareng, with total area of 142,880 m2.
The rights issue will then boost GMFI’s total assets to IDR 418.28 billion in worth, or equal to USD 25.47 billion. With asset inbreng from GIAA, GMFI’s equity will also rise by USD 27.50 million, bringing the deficiency down to USD 270.6 million.
The proceeds of this corporate action will be allocated to operational costs and aircraft spare parts. However, the exercise price for this plan has yet to be named. “We have an internal target; we will conduct several initiatives to bring improvement in GMFI’s equity in two years,” said Fachrurrozi.
In addition, shareholders also agreed upon the plan to change the issued shares pre-rights issue to series A shares.
As of September 2024, GMFI’s total equity was reported at 28.23 billion shares, with shareholder structure consisting of controllers of 89.1%, and non-controllers of 10.89%. Total shareholders were recorded at 9,832, with the ultimate beneficial owner of the shares being the Indonesian government. (LK/ZH)