TEMPO.CO, Jakarta - The Indonesian flagship airline, Garuda Indonesia (GIAA), will transfer assets worth Rp418.28 billion to its subsidiary, Garuda Maintenance Facility Aero Asia (GMFI), or GMF AeroAsia. The asset transfer will be carried out through a capital increase scheme by granting pre-emptive rights.

GMFI's corporate secretary, Rian Fajar Isnaeni, said the company will ask for shareholder approval in the Extraordinary General Meeting of Shareholders (EGMS) agenda scheduled for Wednesday, October 16, 2024. 

GMF AeroAsia, the aircraft maintenance company, will issue at least 11,736,512,323 series B shares with a nominal value of Rp25 per share through the capital increase with pre-emptive rights mechanism.

"The new shares shall have the same and equal rights in respect with all issued and fully paid-up shares of the company, including the right to dividends," said Rian in a report on the IDX information disclosure page, as quoted on Tuesday, October 15.

Garuda Indonesia, as GMFI's controlling shareholder, will carry out the asset transfer by way of inbreng, or non-cash capital transfer. The assets are worth Rp418.28 billion as of June 30, 2024. 

The assets to be transferred include hangar buildings I, II, and III; annexes I, II, and III; supporting facilities in the form of other supporting buildings; and complementary facilities such as driveway pavement, fences, and complementary building machinery. All of these assets are located in the Garuda Maintenance Facility area of Soekarno-Hatta Airport.

Rian said the acquisition of assets through this inbreng scheme will give GMFI better flexibility in the use, repair, and management of assets related to its business and supporting activities. 

In addition, GMFI is exploring several aircraft repair lead time acceleration programs that will potentially change the hangar layout. 

The Garuda Indonesia subsidiary also develops a warehousing rental service, which is projected to generate additional income for the GMFI of around US$150,000 to 250,000 per year.

HAMMAM IZZUDDIN

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