Adil Al Hasan, Jakarta – Deputy Director of PT Garuda Indonesia Tbk, Thomas Sugiarto Oentoro, said that the injection of Rp23.6 trillion in capital from Investment Management Agency Danantara automatically reduces the amount of publicly owned shares in the company.
Thomas stated that public shares had decreased from around 27 percent to 7.96 percent. "Because there was a capital injection from Danantara," he said during a virtual public presentation on Thursday, November 27, 2025.
Despite the decrease, Thomas mentioned that it still meets the free float requirement of the Indonesia Stock Exchange. The minimum limit for shares traded to the public is 7.5 percent. "This still fulfills the IDX free float requirement," he said.
According to the list of shareholders of the issuer with the code GIAA on the Indonesia Stock Exchange as of Thursday, November 27, 2025, Garuda's majority shareholders are PT Danantara Asset Management with 64.5 percent and PT Trans Airways with 7.9 percent. Several Garuda Indonesia executives hold shares: Reza Aulia Hakim holds 16,800 shares; Dani Haikal Iriawan holds 19,700 shares; Mukhtaris holds 25,400 shares; and Eksitarino Irianto holds 1,300,000 shares. There are also several other shareholders. Meanwhile, non-script public shares are still at 27.2 percent, and script public shares are at 0.251 percent.
Danantara's capital injection into Garuda Indonesia through the Scheme of Capital Increase Without Preemptive Rights (PMTHMETD) or private placement was approved on November 13, 2025, at the Extraordinary General Meeting of Shareholders. The capital consists of a cash deposit of Rp17.02 trillion and a debt conversion of Rp6.65 trillion.
Danantara's total capital injection of Rp23.67 trillion will see around Rp8.7 trillion (37 percent) allocated to Garuda Indonesia's working capital needs, including aircraft maintenance and upkeep. Meanwhile, Rp14.9 trillion (63 percent) is allocated to support Citilink operations, consisting of Rp11.2 trillion for working capital and Rp3.7 trillion for the settlement of fuel purchase obligations to Pertamina for the period 2019-2021.