GMFI plans rights issue of up to 22,029,751,488 shares
The proposed capital raising requires shareholder and regulatory approval, with the subscription price yet to be set.
PT Garuda Maintenance Facility Aero Asia Tbk. (GMFI) is proposing a rights issue to increase its funding capacity and meet public shareholding requirements. In a disclosure dated 13 October 2026, the company outlined plans for up to 22,029,751,488 new Series B shares, each with a nominal value of Rp19.
The proposed share count remains an estimate, with the final number to be determined under applicable rules. Shareholders will be asked to approve the plan at an extraordinary general meeting scheduled for 19 November 2026. The registration statement must also become effective with the Financial Services Authority (OJK) before the issue can proceed.
GMFI has not set the subscription price and plans to announce it in the prospectus. Management said the proceeds would support investment and business development, improve the funding structure and strengthen working capital.
After issuance costs, the money is intended to finance expansion directly or through subsidiaries. Planned uses include increasing capacity and capabilities, renewing equipment and machinery, establishing companies and purchasing assets for business operations. The company also plans to fund operational working capital, with the final allocation to be detailed in the prospectus.
GMFI warned that shareholders who do not exercise their rights could face dilution. It estimated a maximum dilution of 15% if eligible shareholders exercise all the rights issued.
