TEMPO.CO, Jakarta - Pahala Nugraha Mansury, the president director of state-owned airline Garuda Indonesia (IDX: GIAA), has bought 2.92 million units of the company`s shares. He bought the shares from July to August this year for a total value of some Rp1 billion.

According to Garuda's disclosure on the Indonesia Stock Exchange's (IDX) website on Tuesday, Sept. 26, Pahala purchased the GIAA shares twice. On July 13he bought 1.41 million shares, and on August 24 he bought 1.51 million shares.

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Before July 13, Pahala said that he didn’t own GIAA shares. In a copy of his letter to the IDX, he said that the purpose of his shares purchase is for investment.

Pahala has been the president director of Garuda Indonesia since April 2017, replacing Arif Wibowo. Pahala previously worked as the finance director of state-owned Bank Mandiri.

The Financial Services Authority (OJK) allows CEOs and president directors to buy shares of the companies they manage. Nevertheless, they must announce the purchase publicly via the IDX's website.

Garuda's current market capitalization at the IDX is around Rp8.54 trillion. The shares Pahala owns is relatively small compared to the overall value of the airline.

In the last 52 weeks, GIAA's stock prices have moved within the range of Rp318 to Rp448 per unit.

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