Garuda Indonesia Threatened To Be Kicked By The Stock Exchange, Deputy Minister Of BUMN: It Happens When A Company Banks Bankrupt, We Are Optimistic That Finances Will Improve Next Year

JAKARTA - The Ministry of State-Owned Enterprises (BUMN) is optimistic that PT Garuda Indonesia Tbk's finances will return to health. Deputy Minister of BUMN II Kartika Wirjoatmodjo believes that the potential for delisting of shares on the Indonesia Stock Exchange (IDX) will not occur.

Tiko, as he is familiarly called, explained that the potential for delisting shares of Garuda Indonesia emerged because the company is currently in the process of Postponing Debt Payment Obligations (PKPU).

Furthermore, Tiko said that there are two possibilities in the PKPU process that is being carried out by Garuda Indonesia. First stingy. Second, the company succeeded in reaching a homologation agreement or ratification of the peace agreement.

Tiko said that the PKPU process carried out by the issuer with the GIAA stock code at the Central Jakarta Commercial Court led to homologation.

"Yes, if it is delisted, right, PKPU will lead to homologation. If the stock exchange is deemed not ideal, it can be delisted. But we believe that after the homologation process it can be restored," he said when met at the IFG office area, Jakarta, Wednesday, December 22.

Tiko said he was optimistic that Garuda's finances would begin to improve next year. The Ministry of BUMN targets the PKPU process to be carried out within 180 days. The target time is shorter than the one set by the Commercial Court, which is a maximum of 270 days.

"If the maximum PKPU is 270 days, we will push it even if we can complete 180 days, until the middle of the year," he said.

As is known, previously the Indonesia Stock Exchange (IDX) issued a warning to remove Garuda's shares from the Indonesian stock exchange. IDX warnings are published on the mainboard with the Number Peng-00024/BEI.PP2/12-2021. Then, the Exchange Rule Number II concerning Delisting and Relisting of Shares on the Exchange.

President Director of PT Garuda Indonesia (Persero) Tbk said Garuda Indonesia continues to give full attention to this matter. For this reason, his party is currently making the best efforts in accelerating performance.

"Currently, we are focusing on making the best efforts in accelerating performance recovery through the PKPU process in order to produce the best agreement in the settlement of business obligations, so that later Garuda shares can be traded as before," he said in a short message received by VOI, Tuesday, December 21.

According to the information submitted by the IDX, said Irfan, the delisting of shares is carried out after the stock suspension lasts at least 24 months from the time the suspension was announced. Meanwhile, Garuda Indonesia shares have been suspended for 6 months due to the delay in payment of the sukuk coupon.

"Therefore, we will further optimize PKPU's momentum in accelerating performance recovery steps to make Garuda Indonesia a healthier, more agile and competitive company," he said.