Jakarta. Garuda Maintenance Facility AeroAsia, or GMF AeroAsia, a subsidiary of national flag carrier Garuda Indonesia that specializes in aircraft maintenance, repair and overhaul, has denied reports that it has named a strategic investor to purchase a minority stake in the company.

On Monday, Reuters reported that the company was close to reaching a deal with Air France-KLM to sell a 2o percent stake worth $200 million.

However, GMF AeroAsia chief executive Iwan Joeniarto denied those claims.

"Management will make a decision that is prudent and transparent and which will consider the interests of all stakeholders," Iwan said in a statement received by the Jakarta Globe on Thursday (26/01).

In the statement, the company stated that the process for the stake sale to a strategic investor is still ongoing and that no decision has been made on the outcome of the selected investor.

"The company made the statement to counter a claim stating that GMF has already made a decision on our preferred strategic investor," Iwan said.

Iwan stated that any future investor will be selected on principles of good corporate governance.

"GMF hopes that the [future] strategic investor will not only support funding, but also transfer knowledge to GMF to improve our capabilities, market share and the company's brand," he said.

Iwan said the company will conduct an extraordinary general meeting for shareholders in March, when it will discuss the matter further.

As a follow up to last year’s public offering, in which GMF sold 10 percent of its total shares to the public, the company is seeking to issue more shares to strategic investors with advice from its financial partner, BNP Paribas.

"GMF and several potential investors are currently conducting due diligence, and the process is targeted to be completed at the end of this year's quarter one or at least in the beginning of quarter two," Iwan said.