Waskita Karya Focuses On Running The Restructuring Process To Healthy Performance

JAKARTA - PT Waskita Karya (Persero) Tbk is currently in the process of restructuring, both on the financial and operational side of the company. The process is part of Waskita's restructuring and rescue plan.

Waskita Karya President Director Muhammad Hanugroho explained that this comprehensive restructuring is in line with the aspirations of shareholders supported by SOE Minister Erick Thohir and SOE Deputy Minister Kartika Wirjoatmodjo.

Furthermore, Hanugroho explained, the Financial Restructuring Plan (RPK) has also been ratified through documents that have been stipulated at the Extraordinary General Meeting of Shareholders (EGMS) on December 8, 2023.

"During this restructuring period, the Ministry of SOEs always provides direction and a systematic strategy for the achievement of agreements by all parties," he said in an official statement, Friday, September 27.

This restructuring, continued Hanugroho, is also supported by the Ministry of Finance and the Ministry of Public Works and Public Housing (PUPR). So, Waskita continues to communicate intensively to create restructuring outputs that can benefit various ministry sectors.

Furthermore, Hanugroho said, Waskita's restructuring process itself has started since the end of 2022.

"Of course, this negotiation process is not easy. Waskita made many efforts to reach an agreement with all parties," he said.

These various efforts, said Hanugroho, paid off with the approval of the Revised Main Restructuring Agreement (MRA) by 21 creditors with an outstanding value of IDR 26.3 trillion.

In addition, said Hanugroho, it has also been approved by the Basic Changes to the KMK Guarantee Agreement (KMKP) by five bank creditors amounting to IDR 5.2 trillion.

During the restructuring period, he continued, the company carried out a number of business transformations. Among them are returning to the core business, not investing in toll roads, and focusing on maximizing its capabilities, experience, and expertise to work on road projects, bridges, buildings, infrastructure, water, and others.

"Waskita Karya is committed to continuing to strengthen corporate governance through strengthening on the side of Governance, Risk, and Compliance (GRC). Then an increase in the capability of human resources, one of which is through strengthening employee certification," he said.