Supporting The Celebration Of RI's 79th Anniversary At IKN, Waskita Karya Boosts Projects Worth IDR 4.3 Trillion

Photo: Doc. Antara

JAKARTA - PT Waskita Karya Tbk (WSKT) is currently focusing on building the Nusantara Capital (IKN) project worth IDR 4.3 trillion and completing debt restructuring to bank creditors and bonds.

In the construction of IKN, WSKT President Director Mursyid hopes to be completed on time, so that he can support the implementation of the commemoration ceremony for the 79th Indonesian Independence Day at IKN on August 17, 2024, as stated by President Joko Widodo.

"Currently, Waskita Karya has a portion of more than 60 percent in the work on the IKN project. The company has also helped empower local workers so that they can have a positive impact on the local community," said Mursyid in an official statement, quoted from Antara, Monday, August 28.

He detailed that the company is currently working on the IKN 5A toll road project, including the construction of the Dirgahayu Bridge which will become an icon (progress 33.67 percent), and the Sepaku Segmen 4 Ring Road project (progress 48.13 percent).

Then, the company won a tender for the construction of the Feder Road project in the Central Government Core Area (KIPP) IKN, and signed a work contract in early July 2023.

In addition, there is a project of the Presidential Secretariat Building and Support Building Facilities, Building and Area projects of the Coordinating Ministry (Kemenko) Package 3, Building and Area projects of the Coordinating Ministry for Package 4.

As a supporter of water resource infrastructure, the company also builds Spice Water Processing Installations (IPAL) 1, 2, 3 at IKN.

In addition, Mursyid explained that the company is currently completing the debt restructuring process for bank creditors and bonds, one of which is proposing to postpone payment of obligations to banking creditors and bonds or standstills.

He said the delay in payment of these obligations was needed to maintain the company's liquidity, considering that the cash that could be freely used by the company was still very limited.

As of June 30, 2023, the company was recorded to have cash worth IDR 4.6 trillion, which to be able to use most of the cash, the company needed approval from creditors.

He continued, the company is currently focusing on obtaining approval from all bank creditors and bonds on the company's proposed restructuring to be able to complete the restructuring process.

He explained that the company has submitted the final restructuring plan to all creditors since early August 2023, so that the company can return to optimal operations and start completing obligations to all creditors, both banking, bonds, and vendors.

In addition, the company also asked for the approval of all creditors to be able to use all the cash owned by the company to support the restructuring plan, including to settle debts to vendors, to buy back a small portion of the bond debt for the implementation of equal treatment between bank creditors and bond holders, as well as to fulfill working capital needs in order to return to optimal operations.