The House also asked the government to maintain a minimum of 51% ownership in the flag carrier.
“We understand that there is an option to bring in strategic investors in the process of rescuing Garuda Indonesia. Therefore, the Working Committee asks the SOE Ministry and Garuda Indonesia to report first to Commission VI if it plans to bring in strategic investors, as long as state ownership can be maintained at minimum 51%,” continued Martin.
As reported by CNBC Indonesia, SOE Deputy Minister Kartika Wirjoatmodjo said Garuda is technically bankrupt because it has negative equity of US$2.8 billion (Rp40 trillion).