Garuda CEO Wants “Unfair Share Suspension” Lifted Soon
Jakarta. Flag carrier Garuda Indonesia, also known by its ticker symbol GIAA, is hoping to see the stock exchange lift its year-long suspension over the company’s shares soon.
According to Garuda chief executive officer Irfan Setiaputra, Garuda has been sparing no efforts to make sure that the suspension gets lifted before the year ends.
“I think it is unfair that the suspension has gone way too long, but perhaps, this is good for all of us so we would have the fundamentals once they lift the suspension,” Irfan said on Tuesday.
“I, myself, have huge hopes that in one or two days, we would be able to meet the requirements and we would inform the authorities to unsuspend [our shares],” he said.
The Indonesia Stock Exchange (IDX) suspended the trading of Garuda’s shares in June 2021 after the company missed its coupon payment on its global Islamic bonds or sukuk. Irfan now has high hopes that GIAA shares would perform well in the market once they get unsuspended.
“And hopefully, people would see that Garuda has a much clearer future,” Irfan said.
“We can show this through the data that are all operational in nature. We hope our transparency and management can be appreciated through a well-performing stock, by which we can return what you [investors] have invested years ago.”
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According to GIAA’s agreement with its creditors, the flag carrier will have to issue a new global sukuk with a new scheme. An Indonesia Stock Exchange exchange official said the bourse would consider lifting the suspension after the new sukuk issuance.
“The exchange will also conduct a review on whether the company complies with its obligations before lifting the suspension,” I Gede Nyoman Yetna, the corporate appraisal director at IDX, told reporters on Tuesday.
GIAA plans to issue $80 million in new sukuk on Wednesday.
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