Garuda Mulls Rights Issue, Strategic Investors as It Rebuilds
- Carrier may undertake share sale after government adds capital
- Parliament has approved 7.5 trillion rupiah additional capital
A PT Garuda Indonesia airline advertisement in Jakarta, Indonesia.
Photographer: Dimas Ardian/Bloomberg
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Distressed flag carrier PT Garuda Indonesia plans to undertake a rights issue to raise additional capital and will invite strategic investors to take part as it attempts to revive its ailing business.
The airline expects to launch the equity issue after the Indonesian government makes good upon its plan to inject the carrier with fresh funds, Finance Director Prasetio said during a court hearing with creditors Monday.