By 0400 GMT, the shares had pared losses and were down around 1.8% compared to their last market close on June 17, 2021, to trade at 218 rupiah ($0.0140) a piece.

Garuda's shares were suspended after the airline defaulted on $500 million of Islamic bonds in 2021, amid financial difficulties caused by the COVID-19 pandemic.

The airline underwent a court-led debt restructuring last year.

Garuda's chief executive Irfan Setiaputra said in a statement the lifting of the suspension would be a catalyst for the airline to strengthen its fundamentals.

The company plans to increase its fleet to at least 72 planes this year, not including aircraft operated by its low cost unit Citilink, to cater to a growing number of passengers after Indonesia removed all COVID-19 restrictions at the end of last year, it said.

At the end of 2022, Garuda operated 61 planes, a company presentation on Dec. 27 showed.

($1 = 15,555.0000 rupiah)

(Reporting by Gayatri Suroyo, Fransiska Nangoy and Stefanno Sulaiman; Editing by Ed Davies)