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Shareholders approved rights issue at EGM confirms Garuda Indonesia president
October 17th 2022
On October 14, Garuda Indonesia shareholders approved the company's proposed capital raising from a new share issue at a virtual extraordinary general meeting, local media reports. Read More » Garuda’s president and CEO, Irfan Setiaputra, has confirmed the positive vote. In its pre-EGM filing to the Indonesia Stock Exchange, Garuda said it planned to raise up to 14.3 trillion rupiah (US$928 million) from a rights issue. The EGM also passed a resolution for the conversion of 4.3 trillion rupiah of debt to equity. In June, the Central Jakarta District Court signed off Garuda's restructuring plan of consolidating creditor debt, reducing its fleet and trimming the airline’s international network, among other measures. The airline is in line to receive a 7.5 trillion rupiah (US$520 million) capital injection from the Indonesian government following legal approval of the restructuring strategy.
