Garuda Postpones Discussion On Rights Issue For PMN IDR 7.5 Trillion, Why?

Garuda President Director Irfan Setiaputra (Photo: Mery Handayani/VOI)

JAKARTA - PT Garuda Indonesia Tbk postponed the discussion of the company's plan to conduct Preemptive Rights or (HMETD) or rights issue related to PMN Rp7.5 trillion at the Extraordinary General Meeting of Shareholders (EGMS).

This is because Garuda is currently finalizing its financial statements for the first semester of 2022.

Garuda's President Director Irfan Setiaputra said that the financial statements are the basis for the issuer codenamed GIAA to determine the value and number of Rights and Non-Preemptive Rights.

"We are asked to complete the semi-annual financial report which will become the basis for determining the values and figures to ensure that both the Pre-emptive Rights and non-HMETD processes can run as well and as fairly as possible", he said in the press conference of the 2022 Garuda Indonesia GMS at the Ritz Carlton Hotel, Jakarta, Friday, August 12.

Irfan said that the rights issue will be discussed on September 26 after the regulatory requirements have been fulfilled by the management of the state-owned airline.

"Later on, the nominal value of the new shares and the exercise price will be determined further by considering the results of an independent appraiser based on the 2022 semi-annual financial report", he explained.

Currently, continued Irfan, the 2022 semi-annual report is still in the process of completing the audit.

"After the mid-year audit report is finished, of course, we will do the best public exposure", he said.

For your information, previously, Garuda management had to use the 2021 financial statements as a condition for conducting a rights issue.

However, this process was postponed because the state-owned airline issuer passed the deadline for the Debt Suspension Process (PKPU).

"Unfortunately, we crossed the time limit for the PKPU, which allows us to use the 2021 fiscal year (financial report) as the basis for the Pre-emptive Rights", said Irfan.