Garuda (GIAA) Shares Exit BEI Special Monitoring Board, Resume Normal Trading
JAKARTA, KOMPAS.com – Shares of PT Garuda Indonesia (Persero) Tbk (GIAA) have resumed normal trading after exiting the Indonesia Stock Exchange’s (BEI) special monitoring board, a move that was immediately met with a positive market response through a significant price surge.
This status change serves as an initial indicator of the company’s fundamental recovery following performance pressures in recent years, particularly through the transformation implemented by the new management.
Garuda Indonesia’s management stated that the removal from special monitoring represents a crucial momentum in improving market perception.
“The market has responded positively to the new management’s performance improvement efforts at Garuda Indonesia,” Garuda Indonesia’s management wrote in its statement on Friday (27/3/2026).
Alongside the exit from special monitoring as of 26 March 2026, Garuda’s shares are now traded using the Full Call Auction (FCA) mechanism and have entered the development board.
Additionally, the special “E” notation, which previously indicated negative equity, has been removed. Thus, GIAA share trading has returned to the regular mechanism.
This change was immediately reflected in the share price movement. Based on RTI Business data as of 09:35 WIB, GIAA shares jumped 21.92% to Rp 89 per share and hit the upper auto reject limit (ARA). Even at the start of trading, the shares briefly reached Rp 96 per share.
BEI had previously placed Garuda’s shares on the special monitoring board due to negative equity conditions. However, the company’s financial structure is now showing improvement.
In 2025, Garuda’s equity turned positive at US$91.9 million or approximately Rp 1.52 trillion (assuming an exchange rate of Rp 16,500), from a negative position of US$1.35 billion or approximately Rp 22.27 trillion in 2024.
On the performance side, the company still recorded a net loss of around US$322.4 million or approximately Rp 5.32 trillion in 2025. This occurred amid weakening revenue pressure of about 5.85% year-on-year.
Nevertheless, the equity improvement is seen as an early signal of strengthening fundamentals and the sustainability of the transformation being carried out by the company.
GIAA’s exit from the special monitoring board also becomes a vital point for Garuda to restore investor confidence, while increasing liquidity and the stock’s attractiveness in the market.
“Garuda Indonesia positions 2026 as the acceleration point for the company’s performance recovery,” said Garuda Indonesia President Director Glenny Kairupan in his statement some time ago.
Throughout 2025, performance remained pressured due to production capacity limitations, particularly as several aircraft underwent maintenance, resulting in passenger numbers dropping to 21.2 million, or a 10.5% year-on-year decline.
The equity improvement was driven by shareholder support, while in 2026 the company is preparing route optimisation, fleet enhancements, operational efficiency, and digital transformation.