Garuda Gets Rp8.4bn Additional Equity

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Kamis, 1 Januari 1970 07:00 WIB

TEMPO.CO, Jakarta - State airline company Garuda Indonesia (IDX: GIAA) finally received a capital injection of Rp8.4 billion from the government.

The airline made an announcement at the IDX building today, December 2, that the government organized a private placement that was approved by the company's extraordinary shareholders' meeting on December 12, 2014.

The current government issued regulation (PP) No.36/2016 on a state equity participation for Garuda. President Joko Widodo signed the PP on September 27, 2016.

The additional equity will be used by Garuda to improve its capital structure and increase business capacity.

"The number of shares to be listed is 17,649,621 million units with an exercised price of Rp476 per share," the company wrote.

The shares issuance is scheduled to take place on December 8, the listing is planned for December 9, and the proceeds announcement will be on December 13.

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