Garuda Indonesia plans to increase its stake in GMF AeroAsia (PT Garuda Maintenance Facility Aero Asia Tbk) from 27.4% to 93.2% of the company’s capital. The plan involves the contribution of an additional 65.77% stake in the Indonesian aircraft maintenance specialist, which the airline already controls operationally.

Subject to a shareholder vote on November 6, this transaction calls for Danantara Asset Management to contribute 82.1 billion GMF shares, valued at 5,660 billion rupiah, in exchange for its subscription. These shares must first be transferred from Angkasa Pura Indonesia to InJourney, and then to Danantara.

Garuda aims to strengthen its equity, optimize asset management, and support its transformation.

GMF AeroAsia was established as a separate subsidiary in 2002, spun off from Garuda Indonesia’s maintenance operations. The company subsequently lost its majority stake in December 2025, as its stake was diluted to 27.44% following a capital increase subscribed by Angkasa Pura Indonesia through a contribution of land at Jakarta’s Soekarno-Hatta Airport, including the sites of GMF’s hangars.