Stocks Of Digembok IDX, This Is Wijaya Karya's Response

Share illustration (Photo: dock. Antara)

JAKARTA - The Indonesia Stock Exchange (IDX) temporarily suspended or suspension of stock trading of PT Wijaya Karya (Persero) Tbk (WIKA). The reason is because the issuer coded WIKA shares has postponed the principal payment of Sukuk Mudhrabah PUB I Phase I in 2020 Series A.

Responding to this, WIKA Corporate Secretary Mahendra Vijaya said the Company could understand the temporary suspension of trading of WIKA shares by the IDX on December 18, 2023, as the right of the IDX.

For your information, the sukuk is due on December 18, 2023. However, WIKA still pays the profit sharing (coupon) according to the schedule and the appropriate value of the agreement with the Sukuk holder.

"This temporary suspension is also not permanent and can be reopened if payment has been made or there is a return agreement between the issuers and the holders of the Company's debt securities in the future," he said in an official statement received by VOI, in Jakarta, Monday, December 18.

Mahendra revealed that there were two considerations that made the company propose to postpone the principal construction of Sukuk Mudhrabah PUB Phase I in 2020 Series A.

First, continued Mahendra, the implementation of equal treatment to the Company's creditors, especially to PUB I bond holders Phase 1 of 2020 which has approved the extension of the principal maturity of Series A bonds for 2 (two) years with the purchase option (call option) from the maturity date.

"With the Company still paying interest without making changes to the interest rate and payment schedule," said Mahendra.

The second reason, continued Mahendra, is the projection of the Company's cash flow at the end of 2023 where the Company has limitations.

"And prioritizing the use of cash for working capital and payment of partners as part of the Company's restructuring step," he said.