JAKARTA PT Garuda Indonesia (Persero) Tbk (GIAA) has received approval to conduct a rights issue to a private placement. The good news was stated in the results of the Extraordinary General Meeting of Shareholders (EGMS) which took place today (Friday, October 14). The EGMS which was attended by 23.01 billion shares or 88.87 percent of the total shareholders approved a number of corporate action agendas of the company in relation to additional business capital. The EGMS held today is an extension of the agenda for the EGMS event which was previously held in August 2022.
President Director of Garuda Indonesia, Irfan Setiaputra, explained that one of the company's additional capital plans is the rights issue. Through an action that is also known for additional capital by granting Pre-emptive Rights (PMHMETD), Garuda Indonesia will issue a maximum of 68.07 billion shares.
In addition, the company will convert debt to creditors in connection with the Homologation Decision on Debt Payment Obligations, through the issuance of a maximum of 22.97 billion shares through additional capital without granting pre-emptive rights (PMTHMETD) or private placement. This is done with the total debt to be converted to a maximum of Rp4.2 trillion into shares referring to the provisions of POJK 14/2019 (PMTHMETD, and together with PMHMETD. "The approval that has been given by shareholders through the advanced EGMS to become an important milestone in the Company's efforts to continue accelerating performance transformation missions, one of which we strengthen through restructuring steps and various strategic policies to restore business performance in the long term," said Irfan in Jakarta, Friday, October 14.
Furthermore, Irfan said, the continuation EGMS agenda also approved the issuance of series C shares which have the same rights as the classification of series B shares with a nominal value of shares as low as Rp182 per share. The advanced EGMS also agrees with a number of aspects of the Company's governance related to the granting of the Board of Directors' power and authority to carry out the necessary actions in connection with the follow-up to the implementation of the Company's Capital Increase. "This result confirms the Company's commitment to the realization of the peace plan, which previously received approval from the majority of creditors through the decision of the results of PKPU homologation in July 2022," he said. Irfan hopes that the results of this Advanced RUPSLB decision will be able to accelerate the process of its main performance transformation through the expected restructuring to be completed by the end of 2022. "And next year it is projected to be an important momentum for the Company to realize its mission in becoming a healthier, more competitive, and profitable business entity," said Irfan. Furthermore, Irfan said the company will optimize the addition of this working capital after deducting from its emission costs, especially for the maintenance and restoration needs of the fleet as well as to include fuel, aircraft rental costs to other supporting costs. "This is expected to be able to strengthen the performance outlook of the Company's business ahead of the upcoming endemic transition," he said. Irfan said, the composition of the additional capital will include the state capital investment plan (PMN) for the Company which had previously been allocated as much as Rp7.5 trillion by the Government in the Investment Financing Reserve as will be re-established in the 2022 State Revenue and Expenditure Budget Plan.
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