Garuda Indonesia Aims to Resume Share Trading After Issuing Sukuk Worth USD 80 Million

Garuda Indonesia (Garuda), the country's national airline, has announced its plans to resume trading its shares on the Indonesia Stock Exchange (IDX) after issuing around USD 80 million in Sukuk, according to Irfan Setiaputra, Chief Executive Officer (CEO) of the carrier on the 27th of December.

Why it Matters?

In June 2021, the IDX suspended Garuda’s trading of shares after it had failed to make coupon payments on USD 500 million Sukuk. According to previous statements made by stock market officials, the airline's ban was to be lifted, provided it issues additional Sukuk after reaching a debt restructuring arrangement with bond holders. Currently, it is anticipated that the prerequisites to lift the suspension will be satisfied quickly, allowing...