GMF Stabilizes Financial Foundation, EGMS Approves Inbreng Strategic Assets From PT Angkasa Pura Indonesia

Photo: Doc. PT Garuda Maintenance Facility Aero Asia Tbk (GMFI)

JAKARTA - PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) confirmed its transformation step through the holding of the Extraordinary General Meeting of Shareholders (EGMS) on Friday, October 24 at the Garuda Indonesia Auditorium.

During the meeting, the shareholders agreed to two main agendas, namely the plan to add capital by Providing Pre-emptive Rights (PMHMETD) and changes to the Company's Articles of Association in relation to the adjustment of the capital structure.

The GMFI EGMS was attended by a total of 34,799,649,836 shares or equivalent to 92.64 percent of the total shares issued by the Company, namely 28,233,511,500 (twenty-eight billion two hundred and thirty three million five hundred eleven thousand five hundred) shares of Series A and 9,332,467,476 (nine billion three hundred and thirty twenty two million four hundred seven thousand forty six) shares of Series B and have fulfilled the provisions of the quorum according to the Company's Articles of Association.

On the agenda of the first meeting, the EGMS approved the issuance of a maximum of 124,269,948,745 Series B shares with a nominal value of Rp25 per share, based on the provisions of OJK Regulation No. 32/POJK.04/2015 as amended by POJK No. 14/POJK.04/2019. Meanwhile, the second agenda approved changes to Article 4 paragraph (1), (2), and (3) the Company's Articles of Association, which included adjustments to the capital structure and issued capital building as well as deposits related to the implementation of PMHMETD.

Through the implementation of the PMHMETD corporate action, GMFI will receive non-cash capital deposits (inbreng) from PT Angkasa Pura Indonesia (API) in the form of an area of 972,123 m2 in the Soekarno-Hatta International Airport area, covering the main operational area of Hangar 1 to Hangar 4, with a value of IDR 5.66 trillion and then followed by Pre-emptive Rights (HMETD) transactions.

The success in implementing this corporate action will make this strategic asset a vital part of the GMFI aircraft maintenance activities and which will also officially become the Company's assets to strengthen the company's operational and value base.

This corporate move is a strategic part of efforts to strengthen GMFI's capital structure and financial fundamentals, which are now reflected through its equity position which is projected to turn positive from minus 248.99 million US dollars to positive USD 102.87 million. This change marks an increasingly solid and healthy capital structure, as well as opening up a more sustainable growth space for the Company.

This investment in capital from API is part of the Garuda Indonesia restructuring program which was previously approved by the Government, and emphasized the strategic integration between GMFI and the national aviation ecosystem under the auspices of API.

GMFI President Director Andi Fahrurrozi explained that this step is an important phase of the overall transformation of GMFI.

"This corporate action is not just a financial step, but a strategic foundation so that GMFI can move more agile and sustainable. By having strategic assets and a stronger capital structure, GMFI is ready to expand business capacity, strengthen operational independence, and strengthen its position as a reliable integrated MRO at the global level," said Andi.

PMHMETD proceeds will be used as working capital to support operational activities, ensure safety standards and service quality are maintained, and strengthen customer confidence. With an equity structure that will become healthier and support for new majority shareholders, GMFI is ready to move into a new phase of corporate transformation that is oriented towards long-term growth.

Synergy with API opens opportunities for cross-sectoral collaboration in the national aviation ecosystem, as well as strengthening GMFI's position as a proud Indonesian MRO company that is ready to compete in the global market.