Danantara to Acquire 65.77% Stake in GMFI from InJourney
DAM took over a 65.77% stake in GMFI (82.1 billion Series B shares) from InJourney through an in-specie dividend with no purchase price, supporting Garuda Group’s restructuring.
Two notarial deeds dated 2 November 2026 document the transfer, and control is unchanged, with the government through BP BUMN remaining GMFI’s indirect controller.
By David Mandela Layuck, Irhamni Muhammad, Martiza Shakeela Moana Rui, Tahta Auliya
November 6 2026, at 16:30 GMT+7
PT Danantara Asset Management (DAM) formally took over the majority shareholder of PT Garuda Maintenance Facility Aero Asia Tbk (GMFI) after acquiring a 65.77% stake on Monday (11/02).
The acquired stake consists of 82.1 billion Series B shares, representing a nominal value of Rp1.56 trillion. The shares were initially held by PT Angkasa Pura Indonesia before being transferred to InJourney.
Wednesday (11/04), DAM officially acquired the shares from InJourney, as disclosed in GMFI’s report. The shift in shareholder composition does not alter the company’s ultimate control, with PT Garuda Indonesia (GIAA) retaining 34.25 billion shares.
Garuda Indonesia aircraft undergoing repainting at GMF AeroAsia’s maintenance facility | Source: Istimewa
The assignment of shares was executed through an in-specie dividend distribution. This differs from a conventional sale, since no purchase price was paid by the acquirer.
According to GMFI, the transfer was formalized through Deed of Transfer of Shares No. 01 of PT Garuda Maintenance Facility Aero Asia Tbk, signed on Monday (11/02). Subsequently, the transfer to DAM was formalized on the same date.
Strategically, the transaction supports the ongoing restructuring and financial revitalization of Garuda Group represents a notable shift in the ownership structure of GMFI, as the stake moves from an airport and tourism holding to DAM, giving the new shareholder a clear majority position in the listed aircraft maintenance company.
BPI Danantara headquarters in Cikini, Jakarta | Source: KONTAN
GMFI stated that the transfer was executed under Deed of Transfer of Shares Number 01, dated Monday (11/2), drawn up before notary Desman in Jakarta. The documentation also records the second stage of the transfer.
DAM’s receipt of the shares was then recorded in Deed of Transfer of Shares Number 02, executed on the same date. The first deed moved 82.1 billion Series B shares from Angkasa Pura Indonesia to InJourney, which then passed them to DAM, both through in specie dividends.
Management stated the change does not affect control of GMFI, with the government through BP BUMN remaining its indirect controller. Together, the documentation gives the ownership change a clear, verifiable legal basis.
Sources:
Bloomberg Technoz
IDNFinancials
IDX
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