Six SOEs Ready For Rights Issue, From Garuda To Krakatau Steel

Deputy Minister of SOEs II, Kartika Wirjoatmodjo. (Photo: Doc. Antara)

JAKARTA - The Ministry of State-Owned Enterprises (BUMN) plans for six state-owned companies to carry out Pre-emptive Rights (HMETD) or rights issue.

This corporate action on the Indonesia Stock Exchange (IDX) will be carried out in semester II-2022.

The six SOEs that carried out the rights issue were PT Garuda Indonesia (Persero) Tbk, PT Waskita Karya (Persero) Tbk, PT Adhi Karya (Persero) Tbk, PT Krakatau Steel (Persero) Tbk, PT Bank Tabungan Negara (Persero) Tbk, and PT Semen Indonesia (Persero) Tbk,.

The news was conveyed directly by the Deputy Minister of BUMN II, Kartika Wirjoatmodjo or Tiko during a Working Meeting with Commission VI of the DPR RI, on Tuesday, June 7.

"Later, we will go through a rights issue like when we injected Pegadaian and PNM into BRI," Tiko said as quoted on Wednesday, June 8.

The first issuer is PT Semen Indonesia (Persero) in line with the entry of PT Semen Baturaja Tbk, (SMBR) into the company's portfolio due to the transfer of all government shares to Semen Indonesia.

"Baturaja is still outside the cement holding company and we have agreed that we will inject it into Semen Indonesia, the process is in progress. What is unique is that Semen Baturaja is also a public company, so it is quite complex because it requires a GMS from both parties and hopefully this will be in the third quarter/ 2022 can be implemented," he said.

Then, the Ministry of SOEs encouraged Waskita Karya to get a State Capital Participation (PMN) of IDR 3 trillion.

Additional funds will also be obtained by the company through the issuance of new shares in the capital market.

Regarding Waskita Karya's rights issue, said Tiko, this will be the last corporate action of issuers on the IDX, after last year the company had already implemented the Preemptive Rights.

"So this is the last rights issue at Waskita after last year's first rights issue and it is hoped that with this latest rights issue and also the sale of several toll roads this year. It is hoped that Waskita in 2022 and 2023 will start to enter the recovery phase," he explained. .

In addition, said Tiko, the Ministry of SOEs also plans to inject PMN into Adhi Karya amounting to Rp1.9 trillion.

"Adhi Karya, with various existing projects, including the Solo-Jogja Toll Road, has an additional capital of Rp. 1.9 trillion and indeed this Adhi Karya has the smallest capital among all the top five works and we hope that there will be a rights issue in the second quarter as well. " he said.

Furthermore, BTN's rights issue related to the 2022 PMN allocation of Rp. 2.98 trillion. The plan will be used for investment financing reserves.

Then, Garuda Indonesia. Tiko said, if the process of delaying Garuda's debt payment obligations or PKPU which was delayed by 30 days ended peacefully and homologated, then Indonesia's loss would be twice this year's rights issue.

"God willing, if later the PKPU process can achieve peace and homologation, we will conduct two rights issues. The first is the process of injecting Rp7.5 trillion from the government's portion for the initial position of restructuring Garuda," said Tiko.

Tiko said that the second rights issue is planned to be carried out in the early fourth quarter. This step is to obtain additional funding from strategic investors.

"As we know in the last Garuda Panja decision, we will limit that the government's share portion remains at 51 percent of the total share ownership of Garuda," he said.

Finally, the rights issue of Krakatau Steel (KRAS) will reduce the portion of government debt from 80 percent to 60 percent.

Funds obtained from the rights issue will be used for debt repayment and business development.

"So we have quite a lot of activity in the second semester for these various rights issues, hopefully it will run smoothly. If we look at the current Exchange, we hope that the capacity of the Exchange to absorb these rights issues is quite good," he said.