Garuda Indonesia EGMS Approves Additional Capital Of IDR 23.67 Trillion From Danantara

JAKARTA - PT Garuda Indonesia (Persero) Tbk received an additional capital of IDR 23.67 trillion from PT Danantara Asset Management (Persero) or DAM. The decision was approved at the Garuda Indonesia Extraordinary General Meeting of Shareholders (EGMS).

The EGMS was held at the Auditorium of the Garuda Indonesia Management Building, Tangerang on Wednesday, November 12, 2025. The meeting was attended by shareholders representing 75.88 percent of the total shares or around 69.42 billion shares.

The additional capital consists of cash payments of IDR 17.02 trillion and debt conversion of shareholders' loans of IDR 6.65 trillion through the mechanism for Capital Increase without Pre-emptive Rights (PMTHMETD).

Of the total Rp23.67 trillion, around Rp8.7 trillion or 37 percent will be allocated for Garuda Indonesia's working capital needs, including aircraft maintenance and maintenance. Meanwhile, Rp14.9 trillion or 63 percent will support Citilink's operations.

The details consist of Rp11.2 trillion for working capital and Rp3.7 trillion for payment of fuel purchase obligations to Pertamina for the 2019-2021 period.

The capital participation was carried out through the issuance of 315,610,920,000 Series D shares with an exercise price of Rp75 per share, as approved in the EGMS.

This step also ensures the sustainability of Garuda Indonesia's share listing on the Indonesia Stock Exchange and strengthens the company's financial position to support the acceleration of long-term transformation.

President Director of Garuda Indonesia, Glenny Kairupan said DAM as part of the government's initiative reflects the company's trust in the strategic direction and long-term vision in realizing a healthy, resilient, world-class national airline.

With this step, continued Glenny, it is hoped that the company's equity position on a consolidated basis will return positively, which is supported by various strategic initiatives to strengthen financial fundamentals as a solid foundation for sustainable growth.

"The shareholder's approval of this capital investment is an important milestone in Garuda Indonesia's recovery and transformation journey," he said in an official statement, Thursday, November 13.

Glenny said this capital participation would strengthen the capital structure, increase operational capacity, and accelerate the agenda for the transformation of the Garuda Indonesia Group, including its subsidiary Citilink.

"With stronger capital, we can strengthen operational reliability, improve fleet readiness, and provide modern and reliable flight services for the community," he said.

Glenny said every strategic step taken by the company requires a prudent decision-making process, not only from the aspect of good corporate governance, but also from the perspective of long-term business sustainability.

"We believe that every policy taken must be based on a balance between short-term performance recovery and long-term business resilience. With a healthier financial foundation, Garuda Indonesia is ready to move into a more sustainable growth phase," Glenny said.

Meanwhile, Deputy President Director of Garuda Indonesia, Thomas Oentoro, added that this additional capital will be used to accelerate efficiency and transformation across business lines.

This momentum is a new beginning for Garuda Indonesia to accelerate comprehensive transformation across business lines. With solid capital support, we will focus on more effective operational governance, optimizing flight networks, and improving customer experience-oriented service quality," he said.

Thomas said the move was also part of Garuda Indonesia's long-term strategy to strengthen two main pillars of its business, namely Garuda Indonesia and Citilink as a high and sustainable national aviation ecosystem.