GMFI plans rights issue of up to 22.03 billion shares
The aircraft maintenance company will seek shareholder approval on 19 November 2026, with proceeds earmarked for expansion and working capital.
PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) plans to offer up to 22,029,751,488 new Series B shares through its third rights issue. The Indonesian aircraft maintenance company said the proposed fundraising would strengthen its financing capacity and help it meet public shareholding requirements.
The shares would have a nominal value of Rp19 each, according to the company's disclosure. GMFI will first seek approval for the proposal at an extraordinary general meeting scheduled for 19 November 2026.
After issuance expenses, GMFI plans to direct the proceeds towards business development and expansion, including investments in capacity and capabilities, replacement of tools and machinery, the establishment of new companies and asset purchases. It also intends to use part of the money as additional working capital for its operations.
Assuming shareholders exercise all their rights, GMFI projects that the transaction would add up to US$59.41 million to cash and cash equivalents. It forecasts a 140.2 per cent increase in that balance, from US$42.37 million to US$101.77 million. The company said it expects the fundraising to improve liquidity, equity and its capital structure while supporting business development.
