Jakarta, CNBC Indonesia – Deputy Minister of SOEs II, Kartika Wirjoatmodjo revealed the cause of PT Waskita Karya (Persero) Tbk (WSKT) having liabilities, including debt, which was quite high in the 2019 financial year which reached Rp 93.47 trillion.
According to Tiko, his nickname, the high debt burden reached its peak in 2019 after Waskita aggressively acquired toll roads from the private sector from 2015 to 2017.
In detail, the debt is worth Rp 70.9 trillion, which comes from bank loans and bonds and around Rp 20 trillion owed to vendors.
What’s more, the Covid-19 pandemic has caused the company to experience a decline in revenue.
“Why did it happen, in 2019-2020 Waskita’s income dropped, construction revenue and operating toll roads decreased significantly. This made Waskita’s financial condition significantly deteriorated,” said the former President Director of PT Bank Mandiri (Persero) Tbk (BMRI) in a Working Meeting at the Commission VI DPR, Parliament Complex, Senayan, Monday (27/9/2021).
For this reason, as an effort to save Waskita’s debt, the Ministry of SOEs carried out eight rescue schemes, including through a comprehensive restructuring of the Waskita Group, recycling gradual assets, and additional capital with pre-emptive rights (HMETD) or rights issue.
“Asset recycling “This will be carried out in stages, starting from 2019 there have been 5 sections and now we are completing the Cibitung-Tanjung Priok section which was purchased by PT Pelindo,” he said.
As is known, the issuer codenamed WSKT has received the approval of shareholders to carry out additional capital with a pre-emptive rights scheme (HMETD) or rights issue of 24.56 billion series B shares with a nominal value of Rp 100 per share.
The capital increase was approved by the shareholders at the Extraordinary General Meeting of Shareholders (RUPLSB) which was held last Tuesday (21/9/2021) at the Pullman Hotel, Jakarta.
Management stated that currently it will focus on financial health through the restructuring process of the parent company and its subsidiaries, government guarantees, State Capital Investment (PMN) and rights issue, toll road asset divestment, construction completion, business transformation, as well as GCG implementation and risk management.
“This strategy has been implemented by the company this year and has had a significant impact on the company’s financial performance in the first half of 2021,” said Waskita President Director, Destiawan Soewardjono.
During January to June 2021, Waskita posted a net profit of Rp 33 billion, an increase of 102.5% compared to the same period the previous year. In that period, Waskita posted operating revenues of Rp 4.7 trillion, down from last year’s Rp 8.03 trillion.
Last Monday (20/9), Waskita’s management also conveyed a new phase of corporate debt restructuring in which 21 banks have agreed to restructure the company’s debt.
This restructuring effort is to provide relief in the form of an extension of the tenor for the next five years with a competitive interest rate.
Waskita Karya President Director Destiawan Soewardjono said the total outstanding debt agreed to be restructured reached Rp 29.2 trillion or has reached 100 percent. This restructuring is part of the business transformation contained in Waskita’s 8 Financial Restructuring Streams.
“The company fully appreciates the support from banks who have understood that this restructuring process will have a positive impact on the company’s performance and in the future will also increase the trust and optimism of all parties to the company,” said Destiawan, Monday (20/9/2021), in an official statement.
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