Revealed! The Value Of Garuda Indonesia's Global Sukuk Whose Payments Are Delayed Reaches IDR 7.1 Trillion

Garuda Indonesia aircraft. (Photo: Doc. Garuda Indonesia)

JAKARTA - The management of PT Garuda Indonesia Tbk. confirmed that the delay in payment of global sukuk coupons was a consequence of the issuance of bonds worth 500 million US dollars or equivalent to Rp. 7.1 trillion (exchange rate of Rp. 14,398).

"The company today announces with a heavy heart that it will continue to delay the payment of the periodic distribution amount due on June 3 based on the USD 500,000,000 Garuda Indonesia Global Sukuk Limited Trust Certificate Maturity 2023," Garuda wrote in an information disclosure to the Stock Exchange. Indonesia (IDX) as quoted on Friday, June 18.

However, the state-owned airline hopes to continue to provide safe, reliable and quality air travel for Indonesia and users of general travel services.

"Garuda Indonesia is working hard to support the airline's ongoing operational activities and manage its finances with prudence, considering that the company continues to ensure smooth air travel in the midst of unfavorable conditions," the issuer coded GIAA continued.

Meanwhile, Garuda Indonesia President Director Irfan Setiaputra in his official statement to VOI Thursday night, June 17, said that the pandemic factor was a source of pressure on the company's performance.

"Our decision to postpone the payment of global sukuk coupons is a tough step that cannot be avoided and must be taken amidst the focus on improving business performance," he said.

For information, Garuda Indonesia is a national flag carrier whose majority shares are dominated by the government with a portion of 60.54 percent.

Then followed by PT Trans Airways with 28.27 percent, and the general public with ownership under 5 percent with 11.19 percent.