October 15, 2025 | 11:01 am
TEMPO.CO, Jakarta - PT Garuda Indonesia Tbk will hold an Extraordinary General Meeting of Shareholders on Wednesday, October 15, 2025, at Soekarno-Hatta International Airport, Tangerang, Banten. This plan has also been announced by the management of the issuer with code GIAA on the Indonesia Stock Exchange on October 1, 2025.
This Garuda RUPSLB only has one agenda, which is the change of the company's management. Management said that the agenda for the change of the company's management was proposed by the Ministry of State-Owned Enterprises as the Series A Dwiwarna Shareholder through Letter Number: SR-500/MBU/09/2025 on September 22, 2025. "This agenda must be decided in the RUPS," said GIAA management in the information disclosure.
Garuda Indonesia Corporate Secretary Cahyadi Indrananto said the position of the company's Finance and Risk Management Director is currently vacant. He said this position needs to be filled because the company will complete a series of restructurings that have been supported by the Investment Management Agency of Nusantara's Sustainable Energy, or Danantara. "Therefore, the presence of a definitive finance director is very important," he said when contacted on Thursday, October 2, 2025.
However, Cahyadi did not disclose who the candidate to occupy the position of Finance and Management Director of Garuda Indonesia is. According to him, the management proposal is entirely the authority of the State-Owned Enterprises as the Series A Dwiwarna Shareholder with the approval of the RUPS. "Garuda will fully implement the RUPS decision," he said.
The news about the change in Garuda Indonesia's management position surfaced in early September 2025. In a meeting at the Parliament Complex two weeks ago on Monday, Member of Commission VI of the House of Representatives Mufti Anam admitted he had received news that executives from Singapore Airlines would enter the executive ranks of Garuda Indonesia. If this is true, Mufti said, it does not automatically improve Garuda Indonesia's performance.
The Member of the Indonesian Democratic Party of Struggle said there are many smart Indonesians as well. "I am sure that if there is a foreigner as smart as anyone, if the governance and culture are like that, it will remain the same," he said.
In the first semester of 2025, Garuda Indonesia recorded a loss of US$142.8 million or Rp2.3 trillion (assuming an exchange rate of Rp16,646 per US dollar) throughout the first semester of 2025. This loss is larger than the same period last year, which reached Rp1.6 trillion.
The financial statements of GIAA published on the Indonesia Stock Exchange, on Tuesday, September 23, 2025, noted a decrease in revenue from Rp26.6 trillion to Rp24.9 trillion throughout January-June 2025. The revenue comes from scheduled flights at Rp19.9 trillion, unscheduled flights at Rp3.4 trillion, and others at Rp2.6 trillion.
In addition, Garuda recorded liabilities of Rp133.2 trillion and equity of Rp23.3 billion. Total assets as of June 30, 2025, amounted to Rp108.2 trillion, down from Rp109.9 trillion in the same period last year.
In June 2025, PT Danantara Asset Management (Persero) or DAM, a part of the Investment Management Agency of Nusantara's Sustainable Energy (Danantara Indonesia), provided a shareholder loan worth Rp6.65 trillion to Garuda to finance the needs of maintenance, repair, and overhaul (MRO). This fund is part of approximately US$1 billion or Rp16.3 trillion in financing support.
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