Tangerang, October 24th, 2025 - PT Garuda Maintenance Facility Aero Asia Tbk (“GMFI” or “the Company”) reinforced its transformation journey through the Extraordinary General Meeting of Shareholders (EGMS) on Friday (10/24) at the Garuda Indonesia Auditorium. During the meeting, shareholders approved two key agenda items: the plan for a right issue and amendments to the Company’s Articles of Association in line with adjustments to its capital structure. The EGMS was attended by shareholders representing a total of 34,799,649,836 shares, equivalent to 92.64% of the Company’s issued shares, consisting of 28,233,511,500 Series A shares and 9,332,467,476 Series B shares, thereby meeting the quorum requirements in accordance with the Company’s Articles of Association.
At the first meeting agenda, the EGMS approved the issuance of a maximum of 124,269,948,745 Series B shares with a nominal value of Rp25 per share, based on the provisions of OJK Regulation No. 32/POJK.04/2015 as amended by POJK No. 14/POJK.04/2019. Meanwhile, the second agenda approved amendments to Article 4 paragraphs (1), (2), and (3) of the Company's Articles of Association, which include adjustments to the capital structure and an increase in issued and paid-up capital in connection with the exercise of the rights of shareholders.
New Foundation for Sustainable Growth
Through the implementation of the right issue for corporate action, GMFI will receive a non-cash capital injection (inbreng) from PT Angkasa Pura Indonesia (API) in the form of 972,123 m² of land located within the Soekarno-Hatta International Airport area. The land covers GMFI’s main operational zones, from Hangar 1 to Hangar 4, with a total valuation of Rp5.66 trillion, followed by the execution of the right issue transaction. The success of this corporate action will make this strategic asset a vital part of maintenance activities.
This corporate action represents a strategic step in strengthening GMFI’s capital structure and financial fundamentals, which are now projected to shift from a negative equity position of USD 248.99 million to a positive USD 102.87 million. This transformation signifies a more solid and healthy capital structure while paving the way for more sustainable growth for the Company.
The capital injection from API is part of Garuda Indonesia’s restructuring program, previously approved by the Government, and reinforces the strategic integration between GMFI and the national aviation ecosystem under PT Angkasa Pura Indonesia (API).
GMFI CEO, Andi Fahrurrozi, explained that this step is an important phase in GMFI's overall transformation. "This corporate action is not merely a financial measure, but a strategic foundation that will enable GMFI to move more nimbly and sustainably. With stronger strategic assets and capital structure, GMFI is ready to expand its business capacity, strengthen its operational independence, and solidify its position as a reliable integrated MRO at the global level," said Andi.
The proceeds from the PMHMETD will be utilized as working capital to support operational activities, ensure that safety standards and service quality remain well-maintained, and strengthen customer confidence. With a healthier equity structure and the support of a new majority shareholder, GMFI is ready to embark on a new phase of its corporate transformation focused on long-term growth. Synergy with API will opens up opportunities for cross-sector collaboration within the national aviation ecosystem, while strengthening GMFI's position as Indonesia's proud MRO company that is ready to compete in the global market.
