Iwan Joeniarto, President Director of GMF AeroAsia, said the company is currently studying the exact share price that will be offered to the strategic investor in this private placement. In case the company decides to sell a 20 percent stake it is estimated that GMF AeroAsia could raise up to USD $200 million. Proceeds are to be used for investment and for working capital.

According to a GMF AeroAsia executive, quoted by Reuters, the MRO unit of the Air France-KLM group - named Air France Industries KLM Engineering & Maintenance - will be selected as the strategic investor. Shareholders' approval is required at the March meeting.

Currently, state-controlled flag carrier Garuda Indonesia owns a 89.10 percent stake in GMF AeroAsia. Ten percent are publicly traded on the Indonesia Stock Exchange. On 10 October 2017 GMF AeroAsia made its trading debut, raising IDR 1.13 trillion (approx. USD $84 million) through the initial public offering (IPO).

Most of the IPO proceeds (60 percent) are allotted to fund GMF AeroAsia's business expansion plans (including the construction of new maintenance facilities in Batam, Australia, East Asia and the Middle East). The company already used 39 percent of IPO proceeds (about IDR 442.5 billion) for refinancing.