Its shares are threatened with being expelled from the stock exchange, Waskita opens its voice

Jakarta –

PT Waskita Karya (Persero) Tbk has opened its voice regarding the announcement of potential share delisting made by the Indonesian Stock Exchange (BEI). Waskita considers it natural that the announcement was made by the IDX.

Waskita stated that issuers who have been suspended for 6 months will usually receive an announcement of potential delisting. To date, Waskita’s shares have undergone a stock suspension for 6 months, starting in May 2023 due to the postponement of interest and principal payments on several bonds issued by the company.

“We convey that the announcement of the potential delisting is part of the IDX regulations where every issuer that has undergone share suspension for more than 6 months will receive an announcement of the potential delisting,” wrote Waskita in his statement, Thursday (23/11/2023).

Even so, this does not mean that Waskita’s shares will be delisted right now. According to information submitted by BEI to Waskita, if the share suspension lasts at least 24 months from the time the suspension is announced, then there is the potential for shares to be delisted. Therefore, the delisting of the Company’s shares will occur no sooner than May 2025.

“For this reason, the company is optimistic that it can complete the MRA review and obtain approval from banking creditors and bondholders so that the suspension of the company’s shares can be immediately reopened at the beginning of the first quarter of 2024 next year,” said Waskita in his statement.

Currently the company is in the final stages of the final approval process for the proposed restructuring scheme to banking creditors and bondholders. To date, the majority of banking creditors representing more than 80% of the outstanding debt value have approved the restructuring scheme proposed by the Company.

As part of the restructuring process, the company also continues to hold intensive discussions with all bondholders regarding the restructuring scheme so that it can be immediately approved through the General Meeting of Bondholders (RUPO) mechanism.

Waskita also stated that it had submitted a restructuring plan to all creditors from the beginning of 2023 until now. Approval of Waskita’s restructuring is an important point for Waskita to be able to immediately implement the restructuring scheme, so that the company has the ability to carry out optimal cash flow management to produce a more sustainable operational activity cycle.

This can also help the company to settle its obligations to all creditors, including banks, bond holders and vendors. The restructuring proposal has been prepared taking into account the Company’s long-term financial capabilities.

The restructuring proposal was also prepared by prioritizing the principle of equal treatment for all creditors, bearing in mind that approval for the restructuring is required from all creditors, both banking and bonds.

Waskita emphasized that currently the company has returned to its core business as a pure contractor. Waskita is also becoming more selective in choosing new projects, especially in terms of certainty of payment, there is a down payment and monthly payment scheme and has gone through the Construction Risk Management Committee so that projects obtained by Waskita can run smoothly and be completed on time and have a positive impact on company performance.

“Currently, Waskita is trusted to work on more than 90 ongoing projects spread throughout Indonesia, including 8 IKN projects with NKB up to October amounting to IDR 12 trillion as a new source of EBITDA,” explained Waskita.

(hal/hns)