Garuda Indonesia Invested Interest

Friday, 9 April 2021 | 15:33 WIB

Garuda welcomed its new Board of Commissioners in December 2014 which includes CT Corp's Dony Oskaria - President Director of PT Para Bandung Propertindo and Chairal Tanjung - the Chief Commissioner for PT Para Bandung Propertindo. Joining them in the board are Jusman Syafii Djamal who is the former Minister of Transportation, Hasan M. Soedjono the former President Director of Sempati Air, Muzaffar Ismail, and Isa Rachmatarwata. As of 21st of April 2014, CT Corp through its company PT. Trans Airways had increased its stake in the national flag carrier to 24.6% by purchasing the full amount of stock being released in the airline's rights issue.

The new purchase has made PT. Trans Airways as the number one institutional shareholder of Garuda Indonesia. CT Corp initially purchased 10.9% share of stake worth Rp 1.53 trillion (US$166.8 million) of PT Garuda Indonesia in 2012. The company purchased the shares from underwriters of Garuda's initial public offering (IPO), which absorbed all unsold shares during the initial shares offer in February 2011. Garuda Indonesia has since received 34 domestic and 12 internationally acclaimed awards including the top Skytrax Award for the top 10 of World's Best Airline and The World's Best Cabin Crew in 2015.