Immediately Hold A Corporate Action, Garuda Indonesia Boss Please Open The Share Suspension

JAKARTA - PT Garuda Indonesia (Persero) Tbk hopes that the stock suspension can be revoked ahead of the corporate action that will be carried out by the company in the near future.

Meanwhile, Garuda Indonesia will increase capital both with and without pre-order rights and OWK conversions which will be held in December.

For your information, the IDX is currently still temporarily suspending GIAA's shares.

The shares have the potential to be delisted if the suspension period reaches 24 months, namely July 18, 2023.

President Director of Garuda Indonesia Irfan Setiaputra hopes that the stock suspension can be revoked along with the company's corporate action in the form of a rights issue.

The issuer with the stock code GIAA has also just held a public expose for the incident today, Thursday, October 20, at the Borobudur Hotel, Jakarta.

This was done as an effort to fulfill one of the requirements for the lifting of suspensions by the Indonesia Stock Exchange (IDX).

"We hope that the revocation of this suspension will coincide with the rights issue or during the execution of the rights issue. We will continue to coordinate with the stock exchange. We agree that the public interest must be ensured not to be disturbed by the rights issue process," he said in a virtual press conference, Thursday.

On that occasion, Irfan explained, the possibility of removing the suspension of GIAA shares was not carried out in the near future.

"So in November it's likely not, but we continue to communicate as I said earlier we continue to communicate with the stock exchange authority on this suspension," he explained.

Meanwhile, Garuda Indonesia's Director of Finance and Risk Management Prasetio hopes that the suspension can be done before mid-December 2022, when entering the schedule for additional capital without pre-emptive rights (PMTHMETD) or private placement.

"We are consulting with the stock exchange so that the stock suspension can be carried out. Hopefully, the cassation requirements have been rejected and the result is approved and submitted," he said.

For your information, the opening of the GIAA stock suspension is in line with the corporate action plan which includes additional capital with rights to order securities (HMETD) or rights issue of up to IDR 12.4 trillion.

Then, additional capital without pre-emptive rights (PMTHMETD) or rights issue of up to IDR 4.2 trillion. As well as converting mandatory bonds (OWK) of IDR 1 trillion.