JAKARTA - PT Persero Wijaya Karya Tbk (WIKA) plans to absorb state capital participation (PMN) of IDR 6 trillion. The absorption is with the issuance of new shares through limited stock offerings or rights issue in the first quarter of 2024.
"The PMN plan from the government is indeed a mechanism through a rights issue, but we hope to do a rights issue through the public," said WIKA Corporate Secretary Mahendra Vijaya quoting Antara.
The PMN has been approved by the government and allocated in the 2024 State Revenue and Expenditure Budget (APBN). The funds are planned to be disbursed in the first quarter of 2024, in accordance with the Company's target.
In addition to conducting a rights issue with the government, Mahendra said that WIKA also provides opportunities for public shareholders to participate in buying shares through the rights issue scheme.
From this scheme, the Company has the potential to absorb a maximum of IDR 3.2 trillion. Currently, the public has a share of 35 percent of WIKA's shares, while the government is 65 percent.
Nevertheless, he continued, WIKA will continue to see how enthusiastic and capable public shareholders are in absorbing the released rights issue, even though they expect the best results.
"We hope that this rights issue can provide good results so that the public can give trust to WIKA through the purchase of our shares and help the company's liquidity," he said.
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If later the public cannot absorb the rights issue optimally and according to the target, he said the opportunity for WIKA to get funds from the public will be reduced.
However, WIKA is currently preparing a relatively conservative financial model, as well as looking at market conditions in the construction industry.
"The point is, we will do our best even though we have not been able to offer and encourage public investors to be able to own WIKA shares which we will release on the rights issue," said Mahendra.
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