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Bisnis Indonesia - Strategi emiten: WIKA rampungkan skema restrukturisasi bulan ini
17 January 2024
By Dionisio Damara
Bisnis, Jakarta – Construction state-owned enterprise (SOE) issuer PT Wijaya Karya (Persero) Tbk (WIKA) is targeting to complete their restructuring scheme at the end of this month.
Wijaya Karya Corporate Secretary Mahendra Vijaya said that the company would reiterate the general meeting of bondholders (RUPO) and the general meeting of sukuk holders (RUPSU) that ruled out the fulfilment of financial obligations.
WIKA is planning to hold the repeat RUPSU on 31 January 2024. The meeting will discuss the company’s proposal to amend the trust-agency agreement.
“The company has proposed to delay the payment of principal liabilities and interest to the company’s creditors. The company will also establish an MRA (master restructuring agreement) at the end of January 2024,” Mahendra said in a letter to Indonesia Stock Exchange on Tuesday (16/1).
Meanwhile, to maintain business continuity, the company will accelerate the collection of non-performing receivables and refocus on project-based business.
“92% of the projects listed in the company’s order book are external projects, so they contribute to the company’s new-term revenue,” he stated.
On the other hand, WIKA is also improving their capital structure through a rights issue. Mahendra said that a rights issue was one of their efforts to accelerate the company’s finances.
Meanwhile, the Finance Ministry has issued the 2024 annual privatisation programme recommendation letter to approve state equity participation (PMN). In the prospectus, WIKA is set to receive PMN of Rp6 trillion, which will be disbursed in the first quarter of 2024.
