Ask For Restu For Rights Issue, Garuda Holds EGMS On October 14, 2022

Screenshot of President Director of PT Garuda Indonesia Tbk Irfan Setiaputra (left) in RDP with Commission XI DPR RI, Monday (26/9/2022).

JAKARTA - PT Garuda Indonesia Tbk plans to hold an Extraordinary General Meeting of Shareholders (EGMS) in mid-October.

One of the agendas of the meeting was to ask for the approval of the company's shareholders to increase capital with pre-emptive rights (HMETD) or rights issue.

"We can convey that the timeline of the rights issue and stock conversion is expected to be completed by the end of December. It is also planned that the EGMS will be held on October 14, 2022," said Director General of State Assets of the Ministry of Finance, Rionald Silaban in a Hearing Meeting (RDP) with Commission XI, Monday, September 26.

Based on the timeline for the implementation of the rights issue and the conversion of shares presented by Rionald, in the early stages was the discussion with Commission XI of the DPR RI as the working mintra of the Ministry of Finance.

"The discussion with Commission XI is carried out today and hopefully it will get support," said Rionald.

Then, on September 29, 2022, it is to submit financial reports for the period June 2022 to the final.

On October 3, the KJPP stock assessment report. Then, on October 6 is the approval of the exercise price from the Ministry of SOEs. Furthermore, on October 14 is the implementation of the EGMS.

On October 19th, OJK registered (reg 1). Then, on November 11 to 17, the President determined the PP PMN.

On November 21, the OJK effective statement stage was effective. On December 1, recording date.

Then, on December 5 trade began and the implementation of Preemptive Rights. On December 9, trade and implementation of Preemptive Rights was completed.

The distribution period for Preemptive Rights shares is carried out from 7 to 13 December. Meanwhile, the implementation of the OWK and the conversion of debt on December 23.

Previously, Garuda Indonesia postponed the realization of the company's plan to perform Pre-emptive Rights or (HMETD) or rights issue related to PMN IDR 7.5 trillion at the Extraordinary General Meeting of Shareholders (EGMS) on 12 August.

President Director of Garuda Irfan Setiaputra said the postponement was due to Garuda completing the financial statements for the first semester of 2022.

This is the basis for the issuer codenamed GIAA to determine the value and figures of both Preemptive Rights and non-HMETD.

"We are asked to complete a mid-year financial report which will form the basis for determining the values and numbers to ensure that the process of Preemptive Rights and non-HMETD can run as well as possible and as well as possible," he said at a press conference at the Garuda Indonesia 2022 GMS at the pre-emptive Carlton Hotel, Jakarta, Friday, August 12.

Irfan said, the rights issue event will be discussed on September 26 after the regulator's provisions have been met 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 assessment based on the 2022 annual financial statements," he explained.