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GIAA to secure IDR 17.56 trillion in a private placement

13 October 2022 06:42

JAKARTA – PT Garuda Indonesia (Persero) Tbk (GIAA) is estimated to gain IDR 17.56 trillion from issuing a maximum of 96,537,871,158 series C shares via a private placement. Assuming that the execution price is set to the lower limit, the creditors who own series C shares will receive 18.76% of the shares.

In the prospectus quoted Thursday (13/10), GIAA is said to issue series C shares for a price ranging between IDR 182 to IDR 210 each. If Garuda Indonesia agreed on the lower limit price, the aviation company might be able to score IDR 17.56 trillion. However, should GIAA choose the maximum price at IDR 210 per share, the company could collect IDR 20.27 trillion in total.

As of now, GIAA’s authorised capital amounts to 30 million shares. Its issued and paid-up capital clocks up to 25,886,576,254 shares. Series A (Dwiwarna) (1) is 0.00%, while series B shares has 60.54% of the total shares covered. PT Trans Airways also has 28.27% of series B, like the public does with another 11.19%.

After this corporate action, GIAA’s issued and paid-up capital will rise to 122,424,447,412 shares. Series A 1 will still be 0.00%, while series B shares will be down to 12.80%, and new series C will rise to 38.15%. PT Trans Airways’ series B portion will also be cut down to 5.98% but will have series C of 15.72%. Similarly, the public will have 2.37% of series B shares and 6.23% of series C shares. Lastly, the creditors eligible for the equity will be granted 18.78%.

This corporate action plan must be approved first by the shareholders during the Extraordinary General Shareholders Meeting scheduled for Friday (14/10). (LK/ZH)

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