Garuda Indonesia Shares Resume Normal Trading
Shares of PT Garuda Indonesia (Persero) Tbk (GIAA) have resumed normal trading after being removed from the special monitoring board of the Indonesia Stock Exchange (BEI). This decision has been positively received by the market, marked by a significant rise in share prices.
This change in status marks the initial step in the company’s fundamental recovery after several years of performance pressures. The transformation carried out by the new management has been the primary factor in this improvement.
Garuda Indonesia’s management stated that the removal of the shares from special monitoring represents an important momentum for improving market perception. “The market has responded positively to the performance improvement steps by Garuda Indonesia’s new management,” Garuda Indonesia’s management wrote, quoted from Kompas.com, in its statement on Friday (27/3/2026).
Since 26 March 2026, Garuda shares have been traded using the Full Call Auction (FCA) mechanism and entered the development board. Additionally, the special “E” notation indicating negative equity has been removed, allowing share trading to resume under regular mechanisms.
This change is reflected in the share price movement. RTI Business data shows that by 09:35 WIB, GIAA shares jumped 21.92% to Rp 89 per share and hit the upper auto reject limit (ARA). At the start of trading, the shares reached Rp 96 per share.
Previously, at the close of trading on Wednesday (25/3/2026), GIAA shares were at Rp 73 per share, up 4.29% over the week, although still down 25.51% since the beginning of the year.
The BEI had previously placed Garuda shares on the special monitoring board due to negative equity conditions. However, the company’s financial structure has begun to improve. 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.
Nevertheless, the company still recorded a net loss of around US$322.4 million or approximately Rp 5.32 trillion in 2025, in line with weakening revenue pressures of about 5.85% annually.
The equity improvement is seen as an initial signal of fundamental strengthening and the sustainability of the transformation being undertaken by the company. The removal of GIAA from the special monitoring board becomes a key point for restoring investor confidence and increasing liquidity and share attractiveness in the market.
In line with the recovery of market confidence, Garuda Indonesia’s management targets 2026 as the phase for performance turnaround after consolidation throughout 2025.
“Garuda Indonesia positions 2026 as the point of acceleration for the company’s performance recovery,” said Garuda Indonesia President Director Glenny Kairupan, quoted from Kompas.com, in its 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 down 10.5% annually.
The equity improvement was driven by shareholder support. In 2026, the company is preparing route optimisation, fleet enhancement, operational efficiency, and digital transformation.