JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir hopes that PT Garuda Indonesia (Persero) Tbk can restore its performance after fulfilling the holomogation requirements.
He hopes that Garuda can fly high again.
Meanwhile, Garuda has fulfilled its peace agreement obligations with creditors and will implement the Peace Agreement effectively starting today, January 1, 2023.
Erick said, the entire series of fulfillment of homologation obligations was completed after the rights issue was completed. Garuda, continued Erick, has also issued new sukuk.
"May Garuda fly high again, this time with sustainability and profitability (Hopefully Garuda will fly high again, this time with sustainability)," he told reporters written on Sunday, January 1.
Erick said that the package of requirements for homologation of the Garuda peace agreement included the issuance of New Securities and New Sharia-Based Securities (Sukuk) on December 28 and 29, 2022.
Previously, the strategic step that had also been fulfilled was the realization of the State Capital Participation Fund (PMN) worth IDR 7.5 trillion.
Garuda also issued a new stock or Right Issue by granting Pre-emptive Rights (HMETD), then Additional Capital without Pre-emptive Rights (PMTHMETD).
"The achievement of these strategic steps is part of the largest and most complexed restructuring in the history of Indonesian corporations," said Erick.
Share Composition
President Director of Garuda Indonesia, Irfan Setiaputra, said that a number of stages have been going on, starting from the acquisition of a homogacy decision on the peace agreement by the central Jakarta District Court to the disbursement of PMN.
The PMN is related to the Right Issue step by providing Preemptive Rights as many as 39,788,136,675 shares or Rp7.79 trillion. It includes the realization of PMN and the participation of other shareholders.
This stage is then followed by PMTHMETD where Garuda has distributed shares in the context of debt conversion of 25,806,070,908 shares or Rp5.05 trillion, including the realization of Mandatory Convertible Bonds.
Irfan said, with the series of new share distributions, Garuda currently has a composition of share ownership consisting of 64.54 percent government ownership, 7.99 percent Trans Airways, 4.83 percent public shares, and 22.63 percent creditor shares.
"To coincide with the momentum of the year-ending, Garuda has succeeded in realizing its commitment to fulfill the readiness to realize the peace agreement, as part of the crucial stages in completing the restructuring process," he said.
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