Waskita Karya Officially Receives IDR 7.9 Trillion PMN Injection

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Waskita Karya (Persero) Tbk has received all state capital investment (PMN) funds amounting to Rp7.9 trillion in the framework of Waskita's rights issue corporate action which will be held at the end of this year.

"We have received the government's capital deposit as part of the rights issue process in full of IDR 7.9 trillion on December 29, 2021," Waskita Director of Finance and Risk Management Taufik Hendra Kusuma said in a written statement, quoted from Antara, Friday, December 31.

According to him, this capital deposit shows the government's trust and concrete support for efforts to improve Waskita's financial fundamentals as well as a positive signal in the ongoing rights issue process.

Waskita's rights issue trading process takes place from December 30, 2021 to January 12, 2022, with a rights redemption price of IDR 620 and a targeted amount of IDR 11.96 trillion, including PMN funds that have been deposited by the government.

With the implementation of Waskita's 8 Streams of Financial Restructuring, management is quite optimistic that future performance will be even better, especially in line with the addition of capital which is in progress.

Previously, Waskita carried out the rights issue at the end of 2021 after officially receiving a government regulation (PP) related to state capital participation (PMN).

Taufik said that with the receipt of the PP PMN, the OJK's effective statement can be obtained immediately and the rights issue process will be carried out immediately.

PP No. 116 of 2021 concerning the addition of the Republic of Indonesia's State Equity Participation in the Share Capital of the Company (Persero) PT Waskita Karya Tbk was signed by the President of the Republic of Indonesia.

In the PP PMN, the government considers that the company needs to improve its capital structure and increase its business capacity in order to support the national economic recovery program and the completion of national strategic projects in the toll road sector.

Based on PP PMN, the State of the Republic of Indonesia made additional equity participation into Waskita's share capital amounting to Rp. BUMN.