Here's Hutama Karya's Strategy To Pay Off IDR 30 Trillion Debt

Illustration (Photo: Doc. Antara)

JAKARTA - PT Hutama Karya (Persero) or HK recorded a debt of IDR 30.07 trillion as of September 2023.

This figure has been lowered from the previous Rp44.3 trillion.

The debts come from bond loans to banks used to complete toll road projects.

Hutama Karya President Director Budi Harto said the company's debt was reduced after selling two sections on the Trans Sumatra Toll Road, namely the Medan-Binjai and Bakauheni-Terbanggi Besar sections to the Indonesia Investment Authority (INA).

Before we carried out asset recycling, namely as of June 2023, our loans were IDR 44.28 trillion. We have done asset recycling and have received two sections, namely Medan-Binjai, and Bakauheni-Terbanggi Besar, worth IDR 20 trillion," Budi said in a hearing (RDP) with Commission VI of the DPR, Tuesday, September 19.

After releasing the two segments to INA, said Budi, HK received a payment of Rp. 15 trillion to settle debts on the Medan-Binjai section.

Furthermore, reducing the debt from the construction of the Palembang-Indralaya toll road from IDR 1.46 trillion to IDR 958 billion.

Then, he continued, completing the debt for the construction of the Bakauheni-Terbanggi section. As well as reducing the Tanjung Priok Access Monetization loan from IDR 3.46 trillion to IDR 2 trillion.

"Losing Pekanbaru-Dumai loans from Rp7.77 trillion to Rp1.5 trillion," he said.

Budi said, HK will receive a second payment from INA for the asset recycling that has been carried out in the amount of IDR 5 trillion. This payment will be used again to reduce loans.

"In 2025 we will receive a second payment from INA of IDR 5 trillion. We use it to reduce loans. So, it's only IDR 25 trillion (HK debt)," he said.

Will Sell Toll Roads

To be able to suppress the company's debt again, said Budi, his party will again sell the Terbanggi Besar-Kayu Agung Toll Road. The target is to release the toll road assets, HK will receive a payment of IDR 15 trillion.

That way, continued Budi, Hutama Karya's debt will remain at IDR 10 trillion.

"Then there is the Terbanggi Besar-Kayu Agung section with an investment of Rp. 15 trillion, we will carry out asset recycling so that we can reduce loans. So that in time our loan will only be Rp. 10 trillion," said Budi.