Who are the shareholders of Garuda Indonesia?

PT Garuda Indonesia (Persero) Tbk is a state-owned enterprise (SOE) operating in the air transportation sector. This government-owned company, traded on the exchange under the code GIAA, is one of the SOEs that has experienced losses in recent years.

The Indonesian government holds the majority of GIAA shares. Based on published financial reports, the Indonesian government holds 1 share of PT Garuda Indonesia Series A Dwi Warna. In addition, the Indonesian government is also the majority shareholder of Garuda Indonesia Series B shares, holding 15.67 billion units (60.54%).

Other GIAA shareholders include PT Trans Airways, holding 7.32 billion units (28.26%), the public through the stock exchange with 2.9 billion units (11.2%), and the directors with 0.00%.

Until the end of September 2021, Garuda Indonesia incurred a loss of US$1.66 billion, or approximately Rp 23.7 trillion (using an exchange rate of US$1 = Rp 14,307.1). This figure increased by 54.66% compared to the position at the end of September 2020, which was US$1.07 billion. With this loss, Garuda's accumulated losses swelled to Rp 70.5 trillion.

Due to this loss, Garuda Indonesia's assets shrank by 12.88% to US$9.4 billion, or equivalent to Rp 134.79 trillion at the end of September 2021, compared to US$10.8 billion in December 2020.

Furthermore, Garuda's negative equity in September 2021 increased to US$3.61 billion compared to the negative US$1.94 billion at the end of last year. Total liabilities also increased by 2.31% to US$13.03 billion in September of this year compared to US$12.73 billion in December 2020.