Flooring Guide by Cinvex – , JAKARTA — The shares of PT Garuda Maintenance Facility Aero Asia Tbk. (GMFI) have experienced a significant surge as the company prepares for its corporate action: a capital increase with pre-emptive rights, commonly known as a rights issue.
According to data from the Indonesia Stock Exchange (BEI), GMFI’s stock price climbed by 37.5% over the past week, reaching Rp88 per share during the first trading session today, Thursday, September 25, 2025. This impressive upward trend is even more pronounced over the past month, with shares appreciating by 44.26%.
The positive momentum extends further, as this subsidiary of state-owned airline PT Garuda Indonesia Tbk. (GIAA) has recorded a remarkable year-to-date (YTD) stock price increase of 79.59% since the beginning of trading in 2025.
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The soaring GMFI stock price comes amidst intense preparations for its upcoming corporate action. GMFI is set to conduct a rights issue by issuing a maximum of 124.26 billion Series B shares, each with a nominal value of Rp25.
Rian Fajar Isnaeni, GMFI’s Corporate Secretary & Legal Group Head, has addressed inquiries from the BEI concerning the volatility of GMFI’s stock transactions in the market. He affirmed that the company is aware of material information or facts that could influence the company’s securities value or investors’ decisions. This refers directly to the planned rights issue, which was initially disclosed in an official announcement on September 17, 2025.
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However, Rian clarified that the company neither possesses nor has received any reports or information pertaining to the activities of specific shareholders, especially concerning transactions involving at least 5% of its shares.
“Furthermore, the company understands the stock price changes that occurred between September 18 and September 22, 2025, as a form of stock trading activity that typically occurs in line with general stock market conditions,” Rian stated in the public disclosure made today, Thursday, September 25, 2025.
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As widely known, GMFI’s rights issue requires shareholder approval, which will be sought through an Extraordinary General Meeting of Shareholders (EGM) scheduled for October 24, 2025. In this strategic rights issue, PT Angkasa Pura Indonesia (API) plans to participate by contributing assets in the form of land, an in-kind capital injection, valued at Rp5.66 trillion to GMFI.
GMFI’s management disclosed that API will partake in this corporate action by contributing 972,123 square meters of land located within the GMF complex at Soekarno-Hatta International Airport, Tangerang.
This scheme involves the transfer of pre-emptive rights (HMETD) owned by GIAA, GMFI’s parent company, to API via a pre-emptive rights sale and purchase agreement. Subsequently, API will exercise these rights through the mechanism of an in-kind asset contribution.
“Consequently, following the implementation of the PMHMETD plan, API will hold a significant number of shares in the company,” GMFI management conveyed in its public disclosure last week, on September 17, 2025.
Management anticipates that this in-kind capital contribution will have a profoundly positive impact on the company’s financial health. Key objectives of this program include asset optimization, substantial equity improvement, and the strategic development of the aircraft maintenance business.
API’s in-kind injection is also projected to significantly improve GMFI’s equity position, shifting it from a negative US$248.99 million to a less negative US$102.86 million. Furthermore, this action is expected to boost the company’s fixed assets by Rp5.66 trillion, equivalent to approximately US$351.86 million.
“The execution of the PMHMETD will directly result in an increase in the company’s fixed assets by at least Rp5,664,912,000,000 [Rp5.66 trillion], stemming from API’s non-cash capital participation in the form of assets,” management elaborated.
GMFI’s financial ratios are also projected to see a positive uplift, with the current ratio expected to rise from 87.91% to 90.69%, and the return on equity (ROE) turning around from a negative 3.52% to a positive 8.52%. Despite these significant improvements, however, return on asset (ROA) and return on investment (ROI) are anticipated to decrease.
Garuda Maintenance Facility Aero Asia Tbk. – TradingView
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Summary
The shares of PT Garuda Maintenance Facility Aero Asia Tbk. (GMFI) have experienced a significant surge, climbing 37.5% last week and 79.59% year-to-date, ahead of its planned rights issue. The company is set to issue a maximum of 124.26 billion Series B shares, explaining the recent stock volatility which was disclosed on September 17, 2025. This corporate action requires shareholder approval at an Extraordinary General Meeting of Shareholders (EGM) scheduled for October 24, 2025.
PT Angkasa Pura Indonesia (API) will participate in the rights issue by contributing land assets valued at Rp5.66 trillion (approximately US$351.86 million) to GMFI. This strategic move, facilitated by the transfer of pre-emptive rights from GIAA, is projected to significantly improve GMFI’s financial health. It aims to optimize assets, substantially boost equity from a negative to a less negative position, and turn the Return on Equity (ROE) positive, though ROA and ROI are anticipated to decrease.