JAKARTA – The Ministry of State-Owned Enterprises (SOEs) is known to review the plan of incorporating PT Garuda Indonesia (Persero) Tbk (GIAA), as a subsidiary, to PT Aviasi Pariwisata Indonesia (InJourney), a state-owned holding in the aviation and tourism sector.

Tumpal Manumpak Hutapea, Acting President Director of Garuda Indonesia, confirmed that until now, the discussion regarding the plan has been taking place intensively. “The company sees this positively and supports the plan, which surely is based on prudent review and assessment regarding the company’s outlook,” he explained in the information disclosure quoted Monday (26/2).

The company is currently reviewing various substantial aspects regarding this consolidation plan, including the ongoing business with the Ministry of SOE and other stakeholders.

Last week (23/2), GIAA was seen corrected IDR 1 from IDR 67 to IDR 66 per share at the closing bell. The highest transaction price was recorded at IDR 69, while the lowest was IDR 66 per share.

The transaction volume reached 118.78 million shares, all recorded within 1,648 transactions worth IDR 8 billion. The decline in stock price prompted divestment in foreign investors. Foreign sell was recorded at 49.03 million, while foreign buy was at 12.36 million. Its market capitalisation clocked up to IDR 6.03 trillion. (LK/ZH)