GMFI Rrypto Issue, Garuda Indonesia Joins Asset Injection Of IDR 418 Billion
JAKARTA - A subsidiary of Garuda Indonesia engaged in aircraft maintenance, PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) is ready to conduct a rights issue. Garuda Indonesia as a shareholder will take part with the largest portion of 89.1 percent.
GMFI will conduct a rights issue or additional capital by granting pre-emptive rights (PMHMETD) in December 2024. This additional capital will be carried out by issuing Series B Shares, which aims to strengthen the capital structure and strengthen the company's equity position.
GMFI President Director Andi Fahrurrozi said that through the Extraordinary General Meeting of Shareholders (EGMS) which was held today, it was agreed that the issuance of new Series B shares of a maximum of 11.7 billion shares with a nominal value of Rp25 per share.
In addition, said Andi, PT Garuda Indonesia (Persero) Tbk as the main shareholder of GMFI also took part with a portion of 89.1 percent of the issued shares through non-cash capital participation or inbreng.
"With the support of additional non-cash capital from PT Garuda Indonesia (Persero) Tbk in the form of fixed assets worth IDR 418 billion," he said in a virtual press conference, Monday, October 28.
Andi said the funds obtained from the rights issue will be used as working capital to ensure smooth operation and meet the basic needs of the company, such as purchasing raw materials and improving services.
In addition, Andi continued, the funds will support GMFI's efforts to improve operational efficiency to ensure that the standard quality of aircraft maintenance is in accordance with applicable regulations.
"With this right issue plan, GMFI will have better flexibility in asset management and utilization, especially those related to Maintenance, Repair, and Overhaul (MRO) activities, to ensure compliance with applicable regulations," he said.
According to Andi, this rights issue is not just a financial step, but is a strategic effort to ensure that GMFI has flexibility in optimizing the company's core assets.
"With additional capital, we will be more aggressive in maximizing operational efficiency and accelerating investment in important sectors such as MRO technology, which will have a long-term impact on our competitiveness in the global market," he said.
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Just for information, in the first half of 2024, GMFI recorded significant performance improvements. GMFI's revenue until June 30, 2024 was recorded at 216.48 million US dollars, which surpassed the achievement in the same period the previous year of 166.91 million US dollars.
The net profit increased to 13.26 million US dollars, compared to 2.04 million US dollars in the same period the previous year, showing strong growth of 548.9 percent.
EBITDA GMFI also experienced a significant increase of 29 percent to 31.72 million US dollars compared to the same period in 2023.