TEMPO.CO, Jakarta - Garuda Indonesia subsidiary, Garuda Maintenance Facility AeroAsia or GMF AeroAsia, plans to release more than 2 billion shares. The decision was made at a shareholders' meeting today, March 6.

GMF AeroAsia president Iwan Joeniarto said the company will issue 2.82 billion new shares, which is 10% of the company's paid-in capital, through a rights offering. As much as 8.28 percent of the issued shares will be offered to strategic investors, while the remaining 1.72 percent will be offered to employees through a Management and Employee Stock Option Plan (MESOP).

Read: GMF AeroAsia Goes Public

"We will offer the new shares to strategic investors—we have set the criteria for the investors," Iwan said at the Soekarno-Hatta International Airport's office area in Tangerang, Tuesday.

GMF AeroAsia wants strategic investors that have strong capital, able to develop the company's business, and provide added value to the GMF brand. The rights offering will be bundled with a divestment of 10-12 percent stake in GMF AeroAsia's parent company, Garuda Indonesia Group.

According to Iwan, several investors have stated their interest to buy the shares. He declined to name who these investors are as they are still negotiating.

The rights offering proceeds, Iwan added, will be used to expand GMF AeroAsia's business capacity both in Indonesia and abroad. The company has its eyes on at least three new markets this year; Batam, the Middle East, and Australia.