WSBP Bond Holder Rejects Bank DKI Restructuring Request

PT Waskita Beton Precast Tbk (WSBP) at the General Meeting of Bond Holders (RUPO) in Jakarta, Thursday. (WSBP)

JAKARTA - PT Waskita Beton Precast Tbk (WSBP) at the general meeting of bond holders (RUPO) rejected the request for restructuring of Bank DKI.

In other words, WSBP Vice President Corporate Secretary Fandy Dewanto explained that WSBP bond holders did not approve the proposed change of PT Bank DKI group as Other Financial Creditors to Financial Creditors.

Fandy said the process was in accordance with the memorandum of understanding of the Peace Agreement between the WSBP and Bank DKI which was conveyed in the information disclosure of the Indonesia Stock Exchange (IDX).

He said the WSBP and Bank DKI agreed that the amendment to the provisions of the Peace Agreement would comply with the provisions of amendments to the peace agreement regulated in Article 5.1.

The article states that the Peace Agreement can only be amended or amended based on proposals or requests from the company, provided that 50 percent of the total value of creditors' bills submitted bills in the PKPU process.

If the amendment provisions are met, Fandy explains the company's total debt settlement scheme to Bank DKI, which was originally carried out through Debt Converting Into Mandatory Convertibility (OWK) and Converting OWK Into Equity in the 10th year, the company's total debt to Bank DKI will be amended by the company through the Tranche A Peace Agreement with a long term loan scheme.

"The WSBP management is committed to carrying out the settlement of obligations to creditors in accordance with the Peace Agreement and the provisions of the applicable laws and regulations," said Fandy.

The RUPO agenda is for four series of bonds, including WSBP I Bonds in 2022, WSBP II Bonds in 2022, Shelf-Registered Bonds I WSBP Phase I Year 2019, and Shelf-Registered Bonds I WSBP Phase II in 2019.

After the GMS, WSBP has scheduled an Extraordinary General Meeting of Shareholders (EGMS) in the context of a request for approval for the implementation of corporate actions for the implementation of the Peace Agreement, which will be held on June 9, 2023.

"In carrying out the entire process of implementing the Peace Agreement and the RUPO decision, WSBP is always committed to implementing the principles of Good Corporate Governance," said Fandy.