Nandito Putra, Jakarta – PT Garuda Indonesia (Persero) Tbk has received a capital injection of Rp23.67 trillion from PT Danantara Asset Management (DAM). This decision was approved at an Extraordinary General Meeting of Shareholders (EGM) held at the Auditorium of Garuda Indonesia Management Building, Tangerang, on Wednesday, November 12, 2025.
"With stronger capitalization, we can reinforce operational reliability, improve fleet readiness, and provide modern and reliable air transportation services for the public," said Garuda Indonesia's President Director, Glenny Kairupan, as quoted from a written statement on Thursday, November 13, 2025.
The EGM was attended by shareholders representing 75.88 percent of the company's total shares. During the meeting, shareholders approved Danantara's capital injection through the Mechanism of Capital Increase without Preemptive Rights (PMTHMETD). The capital consists of a cash deposit of Rp17.02 trillion and a debt conversion of Rp6.65 trillion.
Glenny stated that this step is part of the company's ongoing revitalization and transformation program following a significant debt restructuring carried out a few years ago. With the additional capital, the state-owned airline plans to strengthen its financial structure, improve fleet readiness, and accelerate operational transformation, including at its subsidiary, Citilink.
Of the total Rp23.67 trillion capital injection from Danantara, approximately Rp8.7 trillion (37 percent) will be used for Garuda Indonesia's working capital needs, such as aircraft maintenance and upkeep. Meanwhile, Rp14.9 trillion (63 percent) is allocated to support Citilink's operations, consisting of Rp11.2 trillion for working capital and Rp3.7 trillion for settling fuel purchase obligations to Pertamina for the period 2019-2021.
The capital injection is carried out by issuing 315.6 billion Series D shares at an exercise price of Rp75 per share. "This step also ensures that Garuda shares remain listed on the Indonesia Stock Exchange (IDX) and strengthen the company's financial position," said Glenny Kairupan.