Construction SOE issuers: Restructuring supports WSKT & WSB
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Investor Daily - Emiten BUMN Karya: Restrukturisasi Menopang WSKT & WSBP
13 December 2023
By Dionisio Damara and Rizqi Rajendra
Bisnis, Jakarta – The green light from shareholders to carry out restructuring is a key factor supporting the performance outlook of PT Waskita Karya (Persero) Tbk (WSKT) and its subsidiary PT Waskita Beton Precast Tbk (WSBP) in 2024.
WSKT obtained approval for restructuring at the extraordinary general meeting of shareholders (EGM) on Friday (8/12). In addition, WSKT also reshuffled the company’s management by appointing Muhammad Hanugroho as President Director.
Waskita Karya SVP Corporate Secretary Ermy Puspa Yunita said that approval of the restructuring was pivotal for Waskita to implement the restructuring scheme immediately.
This step aims to ensure that the company will be able to manage cash flow optimally to create a more sustainable and prudent operational activity cycle.
Ermy added, WSKT is optimistic that the management adjustment will solidify the company’s moves in carrying out the transformation programme in the future.
On a separate occasion, Waskita Beton Precast Corporate Communication Manager Indra Kurnia said that, thus far, the implementation of WSBP’s debt restructuring has reached 90% by making cash payments using the cash flow available for debt service (CFADS) scheme to creditors.
“Payments were made every 6 months in March and September 2023, consisting of debt principal instalments to vendors, bank interest, and bond coupons,” said Indra in a WSBP public expose on Tuesday (12/12).
In line with the ongoing debt restructuring, WSBP is optimistic that it would be able to achieve excellent performance by targeting its revenue to exceed Rp2.2 trillion-Rp2.4 trillion in 2024.
On the other hand, WSBP has obtained new contracts worth Rp1.15 trillion in the 9 months of 2023. By the end of 2023, the value of WSBP’s new contracts is projected to reach Rp2 trillion to Rp2.1 trillion.
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