Photo: Korr Group

JAKARTA (TheInsiderStories) – PT Garuda Maintenance Facility AeroAsia Tbk (IDX:GMFI), the country’s largest aircraft maintenance, repair and overhaul provider, has secured approval from shareholders on Tuesday (06/03) to offer new shares for sale through a private placement.

Under the plan, GMFI will issue 2.82 billion units of new shares or 10 per cent of the company’s enlarged capital. Of the amount, 2.34 million units or 8.28 per cent will be offered to a strategic investor, while 485.62 million units of shares or 1.72 per cent will be offered to employees under the Employee Stock Option Plan.

The company is yet to disclose the identity of the strategic investor. “These new shares will be offered to a strategic investor, the criteria of which has been determined,” GM AeroAsia President Director Iwan Joeniarto said on Tuesday (06/03).

He said the shares sale will be bundled in one package with the planned shares sale of GMF’s parent company PT Garuda Indonesia Tbk (IDX:GIIA). In total, GMF and Garuda will offer up to 20 per cent of the group’s shares to strategic investors.

Previously President Director of Garuda Pahala N. Mansyuri said at least four companies have been interested to become a strategic investor of GMF including Air France and Swiss Air Technic, with Air France as the front-runner.

GMF in Expansion Mode

GMF plans to build aircraft maintenance facilities in Batam, Riau Island province as well as in a Middle East country. The Ministry of Industry has projected the value of the country’s maintenance, repair, and overhaul (MRO) business to rise to US$2.2 billion by 2025, from only around $970 million in 2016.

The company also known GMF AeroAsia listed its shares on the Indonesia Stock Exchange last year by offering 10 per cent of its total enlarged capital and paid-up capital. The company raised Rp1.13 trillion from the IPO.