Indonesia’s PT Garuda Maintenance Facility AeroAsia (GMF AeroAsia) is eyeing partnerships with five new airline clients by the end of 2018, with a focus on Russian and Indian airlines, said the company’s chief executive.
According to a Reuters report, Iwan Joeniarto, CEO of the maintenance unit of flag carrier PT Garuda Indonesia Tbk, said he aimed to increase the portion of revenue from foreign airlines from 12 per cent to 30 per cent within 5 years.
GMF AeroAsia said it had already signed partnerships with Thailand’s Bangkok Airways and Bangladesh’s Novo Airlines in the second quarter of 2018 and was bidding for a tender from Russian airline Rossiya.
GMF AeroAsia is trying to broaden its revenue sources beyond Garuda, which has delayed jet deliveries as it struggles financially, stated the report.
The maintenance company, which listed last year, wants to raise another $200 million by selling a 20 per cent stake to a potential strategic partner to help expand existing operations and build a new maintenance facility on Indonesia’s Batam Island, just 31 km (19 miles) off Singapore’s coast.
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