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 - April, WIKA raup dana segar Rp9,2 T
20 March 2024
Jakarta, ID – PT Wijaya Karya Tbk (WIKA) aims to secure funding through a rights issue totaling Rp9.2 trillion in April 2024. This rights issue is tied to the state equity participation (PMN) for WIKA amounting to Rp6 trillion. In this initiative, the construction state-owned enterprise (SOE) issuer is prepared to issue 92,238,374,997 new shares in series B.
WIKA President Director Agung Budi Waskito explained that, based on Law Number 19 of 2023 on State Budget for Fiscal Year 2024, WIKA has been greenlighted to receive support from the government in the form of PMN worth Rp6 trillion, which will be disbursed in the first quarter of 2024. “Out of the total target of the rights issue, 65% will constitute the government's portion, while the remaining 35% (Rp3.2 trillion) will be allocated to the public. Therefore, the total target of the rights issue amounts to Rp9.2 trillion,” Agung revealed at a work meeting with Commission VI of the House of Representatives (DPR) on Tuesday (19/3/2024).
He explained that the funding would be used to complete several national strategic projects (PSNs) and projects in Nusantara Capital City (IKN). Most of the projects need to be completed in 2024 and 2025. The company will also utilise the funding to strengthen their capital structure and enhance their performance and financial condition.
Agung revealed that the rights issue plan has been registered at the Financial Services Authority (OJK). OJK’s effective statement is expected to be issued on 28 March 2024. The company is also waiting for the signing of the Government Regulation on PMN that is set to be conducted on 21 March 2024.
He hopes that all of the process can be implemented this week or next week at the latest as one of the effective conditions. After OJK’s effective statement on 28 March 2024, according to the schedule, WIKA will receive the PMN from the government on 22 April 2024. “There are many holidays in April, so the PMN will most likely be received at the end of April,” Agung revealed.
