PMN Postponed, SOE Minister Asks Waskita To Focus On Restructuring

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - The government has postponed the disbursement of State Equity Participation (PMN) for PT Waskita Karya (Persero) Tbk (WSKT). This is because the Ministry of State-Owned Enterprises (BUMN) will restructure the state-owned company.

"Waskita is currently in the restructuring and improving stages of governance for business transformation," said SOE Minister Erick Thohir, written Wednesday, August 9.

Because in this restructuring stage, continued Erick, the allocation of PMN FY 2022 to Waskita for the completion of the State Strategic Project (PSN) for the Bogor-Ciawi-Sukabumi (Bocimi) and Kayu Agung-Palembang-Betung (Kapalbetung) toll roads was postponed.

By considering the sustainability of the PSN settlement for the benefit of the community, Erick proposed giving PMN to Hutama Karya worth IDR 12.5 trillion in 2024. One of them is to complete the Phase II Shipbetung toll project and the Bocimi toll road section III.

"The entry of PMN through Hutama Karya is in the context of completing a national strategic project to complete the Betung and Bocimi Ship Toll Road Project so that project work can run," he explained.

According to Erick, the completion of the strategic toll road construction will also increase the investment value of toll roads and construction owned by Waskita.

"Thus, Waskita can accelerate the recycling asset program and gather potential investors for strategic partnerships, which will help increase profits, reduce the company's debt position and can settle obligations to vendors," Erick explained.

Meanwhile, Waskita Karya's President Director, Mursyid, said that PMN 2022 funds of Rp. 3 trillion had not yet entered the company's treasury.

"The cancellation of PMN 2022 funds amounting to Rp3 trillion is because Waskita is in the process of reviewing the Master Restructuring Agreement (MRA) to restructure the Company's financial structure comprehensively," he said.

Mursyid also added that currently the company is in intensive discussion with creditors both with banks and bond holders in the comprehensive review process of the modified MRA scenario so that the provision of PMN funds this year cannot be done.

"The company believes that the government will continue to assist in accelerating the completion of the State Strategic Project (PSN), especially for the Bogor-Ciawi-Sukabumi and Kayu Agung-Palembang-Betung toll roads. In addition, the company will look for the most appropriate formula for Waskita's current condition," added Mursyid.

Mursyid said all efforts to improve and the Transformation Program being carried out by the Company were to improve the company's overall performance and performance.

"With all the conditions experienced by the Company at this time, we continue to be committed to carrying out operations properly and remain focused on completing ongoing projects and continuing to improve good corporate governance," said Mursyid.