Garuda and InJourney Eyeing Merger

The Jakarta Globe and other national media confirm that the Indonesian National Flag Carrier Garuda Indonesia is considering a business merger with Aviasi Pariwisata, which is doing business as InJourny, a state-owned company working in aviation and tourism.

Garuda’s Director of Operations, Tumpal Manumpak Hutapea, has confirmed ongoing discussions regarding the merger. “We will keep stakeholders informed about the advancements in the process or realization of these strategic plans (for a merger),” Tumpal said in a written statement on Friday, 23 February 2024.

During the corporate due diligence process preparatory to merging two state-owned companies, Garuda carefully examines InJourney’s financial fitness and future business prospects. The State-Owned Enterprises Ministry (BUMN) cautions that the merger will only progress if such action increases Garuda Indonesia’s competitive standing. Tumpal explained: “Various substantial aspects related to the merger plan are currently under careful and continuous examination, in close collaboration with the Ministry of State-Owned Enterprises and other pertinent stakeholders,” 

InJourney currently operates airport management companies Angkasa Pura I and Angkasa Pura II; Taman Wisata Candi, the operators of the Borobodur, Prambanan, and Ratu Boko Temples; Hotel Indonesia Natour, Indonesia Tourism Development Corporation, and state-owned commercial mall Sarinah.

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