Tangerang, June 3, 2020 – GMF AeroAsia (PT Garuda Maintenance Facility Aero Asia Tbk, Issuer code: “GMFI”) held an Annual General Meeting of Shareholders (AGMS) on June 3, 2020. Located at Garuda City Center in Soekarno Hatta International Airport, Tangerang, 7 meeting agendas were decided on the AGMS of GMF, i.e. Approval of the Company’s 2019 Annual Report, Determination of Remuneration for Board of Directors and Board of Commissioners for Fiscal Year 2020, Appointment of Public Accounting Firm for Fiscal Year 2020, Delegation of Authority to the Company’s Board of Commissioners to implement the Increase in the Company’s Issued and Paid Up Capital in the context of implementing the Management Employee Stock Option Plan (MESOP) Program, Report on Initial Public Offering (IPO) funds usage, Enactment Inauguration of the Minister of State-Owned Enterprises of the Republic of Indonesia’s regulation No. Per-08/MBU/12/2019 concerning Guidelines for Procurement of Goods and Services of State-Owned Enterprises, and Changes on the Company’s Management.

Considering the current conditions related to the Coronavirus pandemic (COVID-19) along with obedience to Government Regulation No. 21 of 2020 regarding Large-Scale Social Restrictions for handling COVID-19 quicker, AGMS was held using more effective and efficient method without decreasing the Meeting’s validity. The Shareholders’ attendance is optimized by giving authorize on both conventional or through the Company’s website and the e-proxy of the Indonesian Central Securities Depository (KSEI). Ninety percent of the quorum shareholders attended the AGMS using this new method.

On the annual report, GMFI has achieved USD 519.48 million net incomes during 2019, which means the operating revenues are increasing 10.5% than 2018. Operating revenues from outside source has growth 3.1% Year on Year (YoY) particularly in the airframe maintenance area. For expanding the business scope in airframe maintenance, PT Indopelita Aircraft Services has been chosen by GMF as a collaborative partner in terms of adding new hangar capacity. GMF also succeed on opening a branch office in Australia as the first international footprint. Corporate Secretary and Legal, Maryati, said that aside from increasing hangar capacity, GMF continued to make serious efforts on gaining more certification and approval, “This is important for strengthening GMF as a submissive and standard aircraft maintenance company” said Maryati. GMF also recorded an achievement from Aviation Week Magazine as the top 9 Airframe MRO in the world on 2019.

Based on operational perspective, GMFI has successfully satisfied the customers’ expectation due to the evidence that the number of ‘share of wallet’ is increasing from international customers which resulted in reaching the Customer Satisfaction Index (CSI). In addition, Employee Readiness aspect also succeeded on complying the target 97.5% of 95.0%. The achievement of GMF Compliance Index is well categorize (99.6%) in accordance with the efforts of implementation improvement of GCG, internal audit, and the safety and quality programs.

On the Annual General Meeting, GMF also decided to authorize and delegate authority regulating the salary or honorarium, benefits, facilities, and other incentives for the Board of Commissioners and Directors. Shareholders who attended the meeting also agreed for granting power of attorney and delegate authority to the Board of Commissioners for designating an Independent Public Accountant Firm to conduct an audit of the company’s Financial statements for Fiscal Year 2020 and an increase in paid up capital placed in context of implementing the MESOP program.

GMFI also reported the Financial Statement of the Initial Public Offering obtained in October 2017. On implementing IPO, GMF won 1.1 Billion Rupiah which 60% used for investment, 25% for working capital and 15% for refinancing. Maryati explained that the entire allocated funds had been used. “The company has reported the Financial Statement on July 15, 2019” said Maryati. As the subsidiary of SOEs, GMF has also established general guidelines for the procurement of goods and services in accordance with the inauguration of the Regulation of the Ministry of State-Owned Enterprises No.Per-08/Mbu/12/2019 about the Guidelines for Procurement of State-Owned Enterprises Goods and Services.

At the last agenda, the Shareholders approved the new arrangement of the company’s members. I Wayan Susena was appointed as the Director of GMF to substitute Tazar Marta Kurniawan who was honorably dismissed. Before being assigned as President Director, Wayan served as Director of Business and Base Operations at GMF since August 2019. For his new credential, Wayan thanked to the shareholders for the trust given to him. “I thank for the trust that has been given. Giving the highest appreciation to the old company’s members is unforgettable thing. I will continue what has gone well and commit to give the best contribution to the company,” he said. Wayan added that he would prepare a strategy to face the ‘new normal’ by maximizing the recovery of the aviation business core and continuing to penetrate the business in the non-aviation sector.

The followings are the arrangement of Company’s management based on AMG decisions of PT GMF AeroAsia Tbk.

Optimism towards a New Normal

COVID-19 Pandemic has significantly impacted the economy worldwide including the aviation industry. Entering the 6th month, world is gradually getting into recovery phase which is evidenced by loosening up lockdown system in several countries and reopening the flight activities while keep maintaining health protocol recommended by WHO. Aviation activities which are starting to live again provides fresh air and optimism for restoring the rhythm of GMF business.

Wayan conveyed that GMF has committed to maintain its best service during the pandemic for supporting its customers’ operational. “However the pandemic condition progress is, GMF is always trying to keep running the business. If later, any airplane is needed to fly, then airplanes in the hangar will always be ready for flying again,” said Wayan.