Jakarta, CNN Indonesia —
Commissioner of PT Krakatau Sarana Infrastruktur (KSI) Roy Maningkas invites the Minister of SOEs Eric Thohir betting Rp1 billion on the possibility of the parent company, PT Krakatau Steel (Persero) Tbk going bankrupt this December.
He made the bet in response to Erick’s statement in a Working Meeting with Commission VI DPR RI last Thursday (2/12). At that time, Erick said the issuer coded KRAS could go bankrupt (default) in December if three attempts at restructuring failed.
Erick said that Krakatau Steel (KS) will go bankrupt on December 31, 2021 if it does not take a number of steps, one of which is selling the Krakatau Steel sub-holding, namely PT Krakatau Sarana Infrastruktur.
“As KSI’s sub-holding commissioner, I ask the SOE minister to bet Rp. 1 billion. If Krakatau Steel goes bankrupt this month, I will pay the Minister. On the other hand, if Krakatau Steel persists without doing what the Minister asks, I will donate the Rp. 1 billion to the poor,” said Roy in an official statement, Monday (6/12).
Even so, he did not deny that KRAS was in a difficult condition. But, he continued, the management has done their best and now the financial condition has started to improve.
He said that as a strategic asset, KRAS should be treated with strategic objectives as well. He warned that because of certain motives, KRAS should not become a victim of the interests of unscrupulous persons.
“I used to be a commissioner at Krakatau Steel and now in the KSI subholding. I believe and believe that Krakatau Steel is not as bad as the SOE minister said,” he said.
Roy further added, to settle Krakatau Steel’s obligations to a number of its creditors, the company already has a number of plans. Including releasing share ownership in KSI up to 40 percent.
However, Roy said, recently there has been a request for 70 percent of KSI’s shares to be released until 2023. He thinks this will actually harm Krakatau Steel as the majority shareholder.
The reason is, KSI is an important asset and Krakatau Steel’s financial cash. In fact, he said that currently around 50 percent of the company’s EBITDA comes from KSI.
“In my opinion, the Minister is also dishonest when he says that only INA wants to buy KSI (Indonesia Investment Authority). Please, put the interests of the country first, not groups let alone individuals, “added Roy.
Previously, in front of Commission VI of the DPR, Erick said that there were three steps that must be taken to save Krakatau Steel. First, managed to emerge from a stalled project to build a US$850 million blast furnace plant that began in 2008.
Erick said that there were Chinese investors who wanted to take over the project. However, because steel prices were high and the estimated cost of building factories had doubled, the investment failed to materialize.
Second, negotiated with the steel company Posco as the largest shareholder of Krakatau Steel. Erick wants to take over the majority of the company’s shares. However, until now there has been no answer from Posco.
Third, inject investment funds from the Investment Management Institute (LPI) or the Indonesia Investment Authority alias INA.
“This is crucial if the third (step) fails, the second fails, the first fails, this December (KRAS) can be done default,” said Eric.
(wel / sfr)
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