Complete 41 Projects, WIKA Needs Fresh Funds Worth IDR 6 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA - PT Wijaya Karya (Persero) Tbk alias WIKA proposed state capital participation (PMN) of IDR 6 trillion next year.

This fresh injection of funds will be used to work on 41 projects. Consisting of 37 PSN and 4 projects at IKN.

For information, initially the PMN proposed by WIKA was Rp. 10 trillion. However, the figure approved by the DPR is Rp. 6 trillion.

WIKA President Director Agung Budi Waskito explained that his company is undergoing restructuring. Meanwhile, there are PSN and projects in IKN Nusantara that must be completed on time.

"The 2024 PMN of IDR 6 trillion will be used to strengthen capital in supporting project working capital needs, both projects at IKN and PSN that are being worked on. Where of the total projects, the work value is approximately IDR 33.3 trillion," he said in a meeting with Commission VI DPR RI, Tuesday, September 19.

Agung said that this injection of fresh funds would make the company's restructuring process faster.

Especially, it will reduce the debt to equity ratio (DER) to lower.

"Where approximately 15 years will be achieved for the target of DER 0.8 and the rate of interest-bearing debt divided by EBITDA below 5 or 4.49 will be achieved in 2039," he said.

In fact, Agung also believes that PMN will have a good impact on the development of projects that are being worked on.

"Of course this will also help WIKA brands and reputations who are working on large and strategic projects," he said.