Realizing Sustainable Business, Waskita Beton Precast Will Private Placement

Share illustration (Photo: Doc. Antara)

Bali - PT Waskita Beton Precast Tbk (WSBP) approved the company's corporate action plan in the form of Converting Debt into Debt Equity and Converting Into Bonds. This is based on the Extraordinary General Meeting of Shareholders (EGMS) for the 2023 Fiscal Year on Friday, June 30.

Mandatory Convertion (OWK) through the process of Additional Capital Without Pre-emptive Rights (PMTHMETD or Private Placement).

In this Private Placement, WSBP will issue a maximum of 33.60 billion new series C shares which will be distributed to all trade creditors (vendors) and OWK worth IDR 2.52 trillion which will be distributed to bond holders and PT Bank DKI. The OWK will be converted into WSBP series C shares in 2033.

"This corporate action is carried out in the context of corporate financial restructuring and commitment to settle obligations according to the agreement in homologation," said Vice President of Corporate Secretary Fandy Dewanto in a written statement, quoted Thursday, July 6.

Fandy said, along with the financial restructuring carried out, WSBP also carried out a business restructuring program.

"Through this business transformation program and towards the 9th age of WSBP, the company wants to make improvements to all lines of the company to realize business sustainability, increase market share, and be able to settle obligations to creditors," he said.

Of course, this is in line with management's commitment to increase the value of shareholders and continue to contribute to infrastructure development as a whole.

This big program is supported by 3 pillars, namely operational excellence. Competition and changes in the business world today encourage companies to continue to grow through increased efficiency, improvement in liquidity and increased human resource function will have an impact on competitive advantages, as well as efficiency and effectiveness in the company's operations.

Second, business alignment which focuses on improving the company's business process to create competitive capabilities, optimizing assets and building the creation of company imaging.

Third, technology & digitalization, which focuses on focusing on efficiency in digital-based processes and the creation of market-need-based products aimed at optimizing profit.

"These three main pillars will be the focus in the WBP transformation program, which aims to improve the work process of operational activities, relations & marketing strategies in obtaining the company's market and future technology development," added Fandy.

Currently, several corporate actions from already running business transformations, namely cost efficiency through clustering programs for plant units & battery plants, centralization of equipment improvements for production lines, increasing work effectiveness through integration work in connectivity programs, e-procurement systems in the company's business lines as a form of digital adaptation and technology that supports improvement in corporate governance, development of the Learning Management System (LMS) program to improve human resource competence, to building & strengthening corporate images through soft & hard campaigns.

In the future, the company will focus on increasing the acquisition of external markets through 3 main business lines, namely precast, readymix, as well as construction and installation services.

"We will also integrate business strategies through the one stop concrete solution program, run the lean manufacturing system in the company line, and fulfill the IT Master Plan Road Map as a form of upgrading companies in the digital and technology fields," he added.

WSBP also continues to be committed to improving governance in every business process and implementing risk management, both balanced with the development of company innovation and digitization.