JAKARTA. Indonesia Stock Exchange (IDX) has lifted the suspension of the stock of PT Garuda Indonesia (Persero) Tbk (GIAA) during the first trading session today (3/1). Its stock price soared 9.8% to IDR 922 per share. After the ban is lifted, GIAA plans to focus on improve the foundations of its performance.

Irfan Setiaputra, President Director of Garuda Indonesia, mentioned that the removal of the stock suspension is the result of the completion of Garuda Indonesia’ restructuring process in late 2022, especially regarding the issuance of the restructured sukuk.

“The annulment of suspension at the beginning of 2023 will serve as a positive outlook for us to continue to accelerate the reinforcement on GIAA’s fundamental aspects of its performance,” Setiaputra admitted in his statement earlier today (3/1). With this solid foundation, combined with the leaner and more adaptive cost structure post-restructuring, GIAA is confident about optimising the momentum to revive its performance.

According to Setiaputra, the revival of GIAA’s performance will be further supported by the possible growth in its passengers, which has been showing great prospects in 2023. Furthermore, the government has decided to put the Community Activity Restriction (PPKM) to an end. In 2023, GIAA aims to operate at least 66 aircrafts on top of the current 6 units of its own fleet. (AM/ZH)