Danantara Calls New Aircraft Ordered By Garuda Indonesia The Fastest To Send 7 Years Again

Illustration: Photo: Doc. ANTARA

JAKARTA - The Danantara Investment Management Agency (BPI) revealed that the new aircraft order belonging to PT Garuda Indonesia (Persero) Tbk from the Boeing manufacturer will arrive at the earliest in the next seven years.

Managing Director of Stakeholder Management and Communications Danantara, Rohan Hafas said that currently the demand for aircraft purchases around the world is high, so the queue for delivery is a challenge faced by Garuda Indonesia.

"Well, the problem is that we want to buy, want to invest a new plane. The first delivery is 7 years from now, the fastest. Queue, buy more planes in line," said Rohan at Wisma Danantara, Jakarta, Friday, October 31.

Rohan explained that the purchase of Boeing aircraft was part of an agreement in negotiating the reciprocal rate with the United States (US) government. However, he emphasized, the long delivery time also applies to other manufacturers.

"Yes (purchase including contracts with the US), it's already on a restructuring contract. We have to buy from Boeing. But ether Boeing, or Airbus, both are 7 years old," he said.

On the other hand, Rohan said that Garuda Indonesia is still trying to complete its obligations to lessors. After financial restructuring, the responsibility for injecting capital originally through the Ministry of Finance has now been transferred to Danantara.

Rohan also revealed that due to the restructuring process, Garuda had lost a number of fleets returned to the lessor because operational costs were not sufficient to pay debt installments.

"Yesterday there was a delay between this transition. He was grounded by several planes that were late in leasing. This means that if you are late like that the passengers are lacking. It means that the income is lacking. It means a loss," he said.

For your information, Danantara itself has injected 1.84 billion US dollars or equivalent to IDR 30.4 trillion (assuming an exchange rate of IDR 16,535 per US dollar) to PT Garuda Indonesia (Persero) Tbk.

The injection of funds was carried out by a Danantara subsidiary, namely PT. Danantara Asset Management (Persero) through the Increase in Capital without Pre-emptive Rights (PMTHMETD) or private placement.

The DAM injection into Garuda Indonesia consists of two parts. First, cash deposits of US$1.44 billion, which will be carried out through the share collection issued in PMTHMETD.

Second, the conversion of shareholder loans or shareholder loans (SHL) into new shares. The value reaches 405 million US dollars or equivalent to Rp6.65 trillion.

In detail, 29 percent is used for working and operational capital financing, which includes payment of maintenance costs and aircraft repairs.

Lalu, sebesar 37 persen digunakan untuk melakukan peningkatan modal pada Citilink dalam rangka pembiayaan modal kerja dan operasional Citilink, yang meliputi pembayaran biaya perawatan dan perbaikan pesawat.

Kemudian, sebesar 22 persen digunakan untuk melakukan ekspansi armada Perseroan dan Citilink.

Lalu, 12 persen sisanya digunakan untuk melakukan peningkatan modal pada Citilink, yang akan digunakan untuk melakukan pembayaran atas utang pembelian bahan bakar pesawat Citilink dari Pertamina periode 2019 hingga 2021.

Then, 37 percent was used to increase capital on Citilink in the context of financing Citilink's working capital and operations, which includes paying for aircraft maintenance and repair costs.

Then, 22 percent was used to expand the Company's fleet and Citilink.

Then, the remaining 12 percent are used to increase capital on Citilink, which will be used to make payments for the debt of purchasing Citilink aircraft fuel from Pertamina for the period 2019 to 2021.