The Company Has PKPU Status, Waskita Beton Boss: Not Bankrupt, But A Turning Point For Performance Recovery

Illustration. (Doc. Waskita Beton Precast)

JAKARTA - FX Poerbayu Ratsunu is carrying out a heavy task. He must lead PT Waskita Beton Precast Tbk (WSBP) which is now in the status of deferred debt payment obligations (PKPU).

Poerbayu has only served as President Director of Waskita Beton Precast since December 2021. "The court's decision to determine this PKPU is actually beyond the company's expectations. However, the company accepts the decision and will carry out various strategies in dealing with the Temporary PKPU period," said Poerbayu in an official statement, Monday, February 7th.

Even though he has only been in charge of Waskita Beton for no more than 3 months, Poerbayu is optimistic that the PKPU process that is being faced by the company he leads can produce the best agreement for all parties. In fact, he said, the PKPU process is believed to be a turning point for the recovery of the company's performance.

According to him, the PKPU decision itself aims to achieve peace between the company as the debtor and all creditors. "This is a point that we all must understand, that PKPU does not mean bankruptcy, but is a solution to reach an agreement between the company and creditors through homologation," said Poerbayu explaining.

Poerbayu emphasized that the company as the debtor will be cooperative and open to all stakeholders during this process, prioritizing good corporate governance, following applicable laws and regulations and being fair to all creditors. He explained that the Temporary PKPU process would last 45 days.

During this period, the process of submitting a peace proposal and the company's operational activities will be assisted by a board appointed by the court and under the supervision of the Supervisory Judge.

During the Temporary PKPU process, several things happened, including delays in payment of obligations to creditors, suspension of company shares and downgrading of credit ratings. This is normal for a company that is in the Temporary PKPU process.

"This is only temporary, we hope that there will be a readjustment to the WSBP rating after the homologation process is achieved," he said.

During the PKPU process, the company will continue to carry out business activities and company operations fairly and apply the principles of compliance or Good Corporate Governance (GCG). This is in line with the management's commitment to ensure the Company's going concern and ensure the company's support in the country's infrastructure development.

We will continue to supply products that are currently being managed by the company, both new contracts and the remaining contract value from the previous year," said FX Poerbayu.

He also appreciated all parties and stakeholders who have provided support for the company to be able to carry out restructuring which is part of the transformation. "That way, we are optimistic that we can realize a sustainable company performance recovery program," he said.

Through this PKPU facility, the company also has a strong commitment and intention to be able to restructure all obligations, be it, to vendors, banks and other creditors so that WSBP can carry out and provide certainty for the settlement of payment of its obligations as a whole without exception.

In addition, the management of Waskita Beton is optimistic that throughout this year the company's performance will slowly recover. The acquisition of new contract values is projected to grow up to 30 percent in 2022. This year the company targets new contracts of IDR 3.5 trillion. This optimism is supported by the large market potential of the Waskita Group project.

As is known, Waskita Beton Precast is one of the entities in the construction sector affected by the COVID-19 pandemic. Where the pandemic has hampered the company's business operations, starting from a decrease in production, working on existing contracts, to obtaining new contracts. As a result, the company's liquidity was depressed.