Waskita Karya Will Hold Rights Issue Next November

Illustration (Photo: Doc. Antara)

JAKARTA - The Ministry of Finance revealed that the privatization process of PT Waskita Karya Tbk through a rights issue scheme will be carried out in November.

The rights issue process aims to nourish and strengthen Waskita Karya's capital structure.

The Director General of State Assets of the Ministry of Finance, Rionald Silaban said, the rights issue of the issuer codenamed WSKT was carried out to accommodate the 2022 State Equity Participation (PMN) of IDR 3 trillion.

"The plan is for privatization to be carried out through a rights issue mechanism and it is hoped that the rights issue can be carried out in November 2022", said Rionald during a hearing with XI Indonesia House of Representatives (DPR RI), Monday, September 12.

Furthermore, Rionald said that the rights issue was aimed at strengthening Waskita Karya's capital structure.

This step is also expected to expedite the credit restructuring process in toll road business entities due to the support of funds from stakeholders.

"From the restructuring program, the State Capital Investment in 2021 is IDR 7.9 trillion and PMN is IDR 3 trillion in 2022 with a rights issue scheme", he said.

Rionald said a capital injection of IDR 3 trillion will be used for working capital assignments for the construction of two toll roads in Sumatra and Java.

Meanwhile, in Sumatra it is for the Kayu Agung-Pelembang-Betung Toll Road and in Java for the Ciawi-Sukabumi Toll Road.

"The details of the PMN intended to complete the Kayu Agung-Palembang-Betung toll road are IDR 2 trillion, then the Ciawi-Sukabumi toll road is IDR 1 trillion", he explained.

Meanwhile, Waskita's President Director, Destiawan Soewardjono, said that his party would conduct a rights issue to collect funds from the public.

He also targets to absorb funds from the public amounting to IDR 980 billion.

Destiawan said, after the rights issue, the composition of Waskita's shares will be 75.35 percent for the government and 24.65 percent for the public.

"To maintain Waskita's share ownership structure for the public, we conducted a rights issue with a target of obtaining public funds of IDR 980 billion", he said.