Stocks Threatened To Be Expelled From The Stock Exchange, Waskita Karya Speeds Up Restructuring

Illustration (Photo: Doc. Antara)

JAKARTA - PT Waskita Karya (Persero) Tbk will accelerate the restructuring process. This step was taken by the company in line with the potential for stock delisting announced by PT Bursa Efek Indonesia (IDX).

Corporate Secretary of PT Waskita Karya (Persero) Tbk Ermy Puspa Yunita said the announcement of potential delisting is part of the IDX regulation that every issuer who has served a stock suspension for more than 6 months will receive an announcement of the potential delisting.

"Until now, the Company's shares have been serving a stock suspension for 6 months since May 2023 regarding the postponement of interest payments and the principal of several bonds issued by the Company," he said in an official statement, written Friday, November 24.

Ermy explained, based on information provided by the IDX, if the stock suspension lasts at least 24 months from the time of the suspension announcement, there is potential for stock delisting.

"So that the potential for delisting of the company's shares will happen no later than May 2025," he said.

For this reason, continued Ermy, the company is optimistic that it can complete the MRA review and obtain approval from bank creditors and bond holders so that the Company's stock suspension can be reopened at the beginning of next year's first quarter of 2024.

"Currently, the Company is in the final stages of the final approval process for the proposed restructuring scheme to bank creditors and bond holders. To date, the majority of bank creditors representing more than 80 percent of outstanding debt value have approved the restructuring scheme proposed by the company," he explained.

Ermy said, as part of the restructuring process, the company also continues to have intensive discussions with all bond holders regarding the restructuring scheme so that it can be immediately approved through the Bond Holder General Meeting (RUPO) mechanism.

The company has also submitted a restructuring plan to all creditors since early 2023 until now.

The approval of Waskita's restructuring is an important point for Waskita to be able to immediately implement a restructuring scheme so that the Company has the ability to optimally manage cash flow.

"The Company's restructuring proposal has been prepared taking into account the Company's financial capabilities in the long term. The restructuring proposal is also prepared by prioritizing the principle of equal treatment to all creditors considering the approval of the restructuring is needed from all creditors, both banking and bonds," he said.