The Results Of The RUPO Were Approved, IDX Consider Revoking Waskita Karya's Share Suspension

Illustration of stock movement (Photo: Doc. Antara)

JAKARTA - PT Bursa Efek Indonesia (IDX) is considering reopening trading (unsuspended) shares of PT Waskita Karya (Persero) Tbk (WSKT).

Director of Corporate Assessment of the Indonesia Stock Exchange (IDX) I Gede Nyoman Yetna Setia said the stock exchange could consider opening the company's suspension after the company submitted the results of the general meeting of bond holders (RUPO).

"(As well as) reports or disclosure of information regarding changes (appropriations) to the trust agreement to the public regarding the bond restructuring plan as regulated in Exchange Regulation Number I-E," Nyoman said quoting Antara, Tuesday, February 21.

Previously, the IDX suspended Waskita's shares on February 16, 2023, regarding the postponement of the payment of the 15th interest on Shelf-Registered Bonds III Waskita Karya Phase IV Year 2019 Series B.

"The opening of the suspension will be carried out after the company has completed the cause of the suspension," said Nyoman.

Meanwhile, the results of the RUPO of the BUMN issuer codenamed WSKT on February 16 and 17, 2023 have been approved.

The agreement provides time for the company to preserve cash for operations and resume a review of the implementation of the master recruitment agreement (MRA), as well as plans to settle obligations to comprehensive stakeholders.

Previously, Waskita SVP Corporate Secretary Ermy Puspa Yunita explained that the company had postponed the payment of the Phase IV Phase III Sustainable Bonds Interest. "Waskita is not unable to pay bond interest, but we have postponed the implementation," said Ermy.

Waskita conducted equal treatment for all debt holders, both work credit and bond owners.

Ermy explained that the company is currently carrying out the restructuring contained in the MRA as one of the strategies in carrying out financial restructuring.

During the review process, the company will submit a standstill application to lenders and bond holders, as a form of equal treatment of working capital and bond loans.