Jakarta –
Good news coming from PT Garuda Indonesia (Persero) Tbk. This is because the scheme to save the state-owned airline was approved by the House of Representatives Commission VI Committee.
Garuda itself is currently still in a slump. Therefore, this rescue step is important so that the company can continue to live. Here are the facts:
1. Political Support is Important to Save Garuda
The House of Representatives Commission VI Working Committee and SOE Minister Erick Thohir agreed to carry out a rescue scheme for PT Garuda Indonesia (Persero) Tbk. Erick also expressed his gratitude for Panja’s support.
“We are grateful and grateful that the support of the Commission VI working committee of the DPR is very meaningful in efforts to recover Garuda,” said Erick during a committee meeting for the Garuda rescue Commission VI at the DPR/MPR Building, Jakarta, Friday (22/4/2022).
Erick does not want the Ministry of SOEs to become an ivory tower and will certainly need the support of many parties including the DPR in saving Garuda. Erick assessed that political support from the DPR is very important for the Ministry of SOEs in restoring Garuda’s performance.
“Alhamdulillah, after going through various work meetings, hearings, and committee meetings, now we have mutually agreed that saving Garuda must be a must,” said Erick.
2. Garuda Loss and Has a Mountain of Debt
Quoted from the information disclosure of the Indonesia Stock Exchange (IDX), Garuda suffered a loss of US$ 1.66 billion or equivalent to Rp. 23.73 trillion (assuming an exchange rate of Rp. 14,300) in September 2021, according to an unaudited interim financial report. This loss increased compared to the same period the previous year of US$ 1.07 billion.
Revenue and sales until September 2021 were US$ 939.02 million. This revenue decreased compared to the same period in 2020 of US $ 1.13 billion. Garuda’s total assets were recorded at US$ 9.42 billion. This asset also decreased from the previous US$ 10.78 billion.
Meanwhile, the company’s liabilities amounted to US$ 13.02 billion, an increase from the previous US$ 12.73 billion. The liabilities consist of current liabilities of US$ 5.28 billion and long-term liabilities of US$ 7.73 billion.
Furthermore, Garuda’s total equity or capital was recorded at minus US$ 3.60 billion. Equity is down a lot compared to the same period the previous year minus US $ 1.94 billion.
3. Injection of PMN until Investor’s Capital Becomes Garuda’s Savior
In the report on the Implementation of the Garuda Rescue Committee, Commission VI, received by detikcom, it was stated that the Panja approved the PMN proposal to Garuda in the amount of Rp. 7.5 trillion from the 2022 State Budget investment financing reserves.
“The Garuda Rescue Committee of the House of Representatives Commission VI approved the PMN proposal to PT Garuda Indonesia (Persero) Tbk in the amount of Rp. ,” the report reads.
Then, Panja understands the possibility of a privatization program related to the ongoing restructuring in the form of converting debt into shares and the entry of additional capital. Therefore, the Panja asked the Ministry of SOEs to continue to coordinate with the Government Privatization Committee and Ministries/Institutions regarding the privatization program which will be carried out as long as state ownership is at least 51%.
“The Commission VI of the DPR RI’s Garuda Rescue Committee understands that there is an option to enter strategic investors in the rescue process of PT Garuda Indonesia (Persero) Tbk. Therefore, the RI DPR RI’s Commission VI Garuda Rescue Committee has asked the Ministry of SOEs and PT Garuda Indonesia (Persero) Tbk to report in advance. First, to Commission VI of the DPR RI if strategic investors will enter, as long as the state ownership is at least 51%,” the report reads further.
(acd / fdl)
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