Solutions To Save Waskita Ala Erick Thohir's Finances, Mergers To Sell Assets

SOE Minister Erick Thohir (Photo: Doc. VOI)

JAKARTA - The financial condition of PT Waskita Karya Tbk is very heavy. The issuer with the stock code WSKT has difficulty completing its obligation to pay debts and bills. This state-owned construction company is also still suspended or frozen by the Indonesia Stock Exchange (IDX).

Then, what is the solution of the Ministry of SOEs as the shareholder of Waskita Karya's condition?

Minister of State-Owned Enterprises (BUMN) Erick Thohir said that he would not include PT Waskita Karya Tbk, as a new patient of PT Perusahaan Pengelola Asset (PPA).

"Oh no (be a PPA patient), Danareksa already has several companies that have become good. There are different strategies," Erick told reporters, Jakarta, Wednesday, December 13.

In Waskita Karya's financial restructuring process, Erick admitted that shareholders have a special and different strategy. The strategy in question is financial restructuring, state capital participation (PMN), rights issue, merger or merger of BUMN works.

Then, continued Erick, toll road divestment to the Indonesia Investment Authority (INA) or strategic partnership. Then, credit facilities with government guarantees, restructuring of subsidiaries, business transformation, completion of Sumatra toll roads as well as improving governance and risk management.

"We will investigate the number of works, then become a sister company first, father and son or mother, then merge, there is a process of everything, yes, there is injection, there is restructuring, there is also selling assets to INA, yes it all becomes a restructuring," he explained.

For your information, PT Danareksa (Persero) revealed whether or not Waskita Karya was included as a PPA patient depends heavily on the policy of the Ministry of SOEs as the majority shareholder.

Danareksa President Director Yadi Jaya Ruchandi said restructuring either independently or through PPA assistance became the authority of the Ministry of SOEs.

Regarding Waskita's potential to be handled by PPA, Yadi did not comment much. However, he acknowledged there was such a possibility.