JAKARTA (TheInsiderStories) – PT Garuda Maintenance Facility AeroAsia Tbk (IDX: GMFI) aimed at public ownership from 15 percent to 20 percent, said the company yesterday (06/25). Right issue and other schemes become the options to fulfill the planned.
Director Finance of GMFI, Edward Okky Avianto, said from the corporate action, unit of the state-owned flight carriers PT Garuda Indonesia Tbk (IDX: GIAA), is estimating to raise funds around Rp500 billion (US$35.71 million).
The company also waits the market situation getting better so the GMFI’ share price will be in the same position with initial public offering’ price. To date, the stock price is Rp212 a share.
Furthermore, Avianto explained that the company also has a plan to explore other financings from banking and other schemes. In two years period, he revealed, Garuda Maintenance need funding around $120 million.
He opined the private placement might be the option to meet the funding. On March 2018, the company’ shareholders agreed on the private placement program by releasing 2.82 billion shares or 10 percent of total equity and enlarged capital.
Based on the rule, the company has two years to execute the private placement. The company will use it for aircraft engine spend.
This year, GMFI need around $290 million in funds for working capital and capital expenditure. Then, the company hopes the revenue will achieve $500 million this year.
Meanwhile, GMFI’ director of business and base operations, Tarzan Marta said, this year the company will develop its business not only to provide maintenance, repair, and overhaul of ordinary aircraft but also military aircraft for combat purposes. This is done because this year GMIF has entered the MRO industry in the defense sector.
“We have officially become care providers for military aircraft. Our Airforce activities will collaborate with GMFI,” he said.
Marta revealed, currently, the company has officially collaborated with the Indonesian Air Force as a provider of MRO services for mainstay warplanes in the country. Not only did maintenance, but GMFI was also appointed to modify the Hercules aircraft belonging to the Air Force. Previously this was usually done by Singapore.
“We are also working on modifications to the Hercules aircraft, hopefully, we will finalize the agreement immediately with the air force unit,” he ended.
In addition, GMFI now provides Airbus components repairs service for Southeast Asia. The company will manage the A330 and A320 aircrafts’ care, repair, and overhaul. The cooperation also opens opportunities for GMFI to provide aircraft care training with Airbus-certification to the region.
In the agreement signed last month, Airbus handed over several components such as landing gear control interface unit, static inverter, and slat flap control computer. While some components will follow later. After this, GMFI planned to collaborate more on airframe care.
Head of Customer Services Asia Pacific of Airbus Bruno Bousquet said they believe GMFI to be their components care center of excellence for commercial aircraft. The cooperation aims for increasing more Airbus-support operators and develop Indonesia’s flight industry.
GMFI was also holding its approved training for A320 CEO and A320 NEP aircraft in Southeast Asia. The cooperation renewed last year by adding more coverage on the training, such as engine ground run up and extended range twin-engine operational performance standards (ETOPS) for Airbus A320 dan A330.
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