Garuda Shares and CT Corp Maneuver

By Editorial Team 17/05/2021
Garuda's new management
Summary

CT Corp changed share ownership map in PT Garuda Indonesia Tbk (GIAA). Through Trans Airways, CT Corp took over Finegold Resources Ltd's stake in Garuda. Information disclosure on the Indonesia Stock Exchange (IDX) on May 11, 2021, stated that Finegold transferred 635,739,990 shares to Trans Airways at Rp 499 per share.

The transaction, valued at Rp 317.23 billion, occurred on May 6, 2021. After the transfer of ownership, Trans Airways' stake in Garuda increased to 7.31 billion shares. Trans Airways ownership also increased from 25.81 percent to 28.26 percent. "The status is direct share ownership," said Trans Airways Director Warnedy.

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