Jakarta, CNBC Indonesia – Corporate action to increase capital by granting pre-emptive rights or rights issue PT Waskita Karya Tbk (WSKT) was only able to absorb Rp 9.44 trillion, of the maximum absorption target of Rp 11.93 trillion. Thus, this corporate action was only absorbed by 78.95% of the original target.
Waskita Karya President Director Destiawan Soewardjono said this corporate action was carried out in the midst of a volatile market condition bearish. He appreciates the efforts of shareholders who have participated in rights issue the.
“In the future, the Company will focus on running its operational business armed with much better liquidity capabilities so as to be able to improve sustainable financial performance,” said Destiawan in a press release, Monday (17/1/2022).
The government exercises its rights in rights issue This is done by absorbing new shares worth Rp 7.9 trillion through the disbursement of State Capital Investment (PMN) funds. Meanwhile, the public was only able to absorb Rp 1.54 trillion.
After this corporate action, the share ownership of Waskita became the government at 75.35% and the public by 24.65%.
Furthermore, Waskita Karya’s Director of Finance and Risk Management Taufik Hendra Kusuma said it was over rights issue the company will issue bonds and sukuk worth Rp 3.83 trillion.
“It will be used for refinancing bonds maturing this year as well as working capital for the Company’s construction projects,” he said.
To note, previously the company planned to issue a maximum of 9,295,430,298 new shares with a target of proceed Rp 11.93 trillion.
The proceeds from the new share offering will be used by the company for working capital for the construction of toll road projects through its subsidiary PT Waskita Toll Road (WTR). The remainder will be used for working capital for other projects.
For project construction to WTR, the funds used are funds from PMN. The details are Rp. 1.4 trillion for a minimum capital deposit and Rp. 6.5 trillion in the form of shareholder loan.
The projects that will be financed from this fund are the phase II Kayuagung-Palembang-Betung toll road worth Rp 3.03 trillion, the Bekasi-Cawang-Kampung Melayu toll road worth Rp 1.13 trillion and the Cimanggis-Cibitung toll road worth Rp 620 billion.
Then there is the Ciawi-Sukabumi toll road worth IDR 640 billion, the Krian-Legundi-Bunder-Manyar toll road worth IDR 1.06 trillion, the Pasuruan-Probolinggo toll road worth IDR 1.22 trillion, and the Pejagan-Pemalang toll road worth IDR 200 billion.
(my/vape)
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