GMF AeroAsia Plans Rights Issue of Up to 22.03 Billion Shares

GMF AeroAsia plans to issue up to 22.03 billion new shares through a rights issue, which gives existing shareholders the chance to buy shares.

The Indonesian aircraft maintenance company says the move is intended to strengthen its funding and help meet rules on the proportion of shares held by the public.

The proceeds would fund expansion, equipment upgrades and working capital, as well as possible new companies and asset purchases.

GMF estimates the issue could add up to US$59.41 million to its cash and equivalents, raising them from US$42.37 million to US$101.77 million if shareholders take up all their rights.

Shareholders must approve the plan at an extraordinary meeting scheduled for November 19, 2026.

The company expects the funds to improve liquidity and strengthen its finances, but the plan is not yet approved.