Wika Beton Aims For Fresh Funds Of IDR 250 Billion From Asset Divestment

Rupiah (Photo: Antara)

JAKARTA - The state-owned construction issuer, PT Wijaya Karya Beton Tbk (WTON) is targeting the acquisition of fresh funds of IDR 250 billion from asset divestment which is targeted to be completed by 2026.

WIKA Beton President Director Kuntjara said the assets to be released were WTON's assets which were considered unproductive, such as land from bad debt payments by WTON customers, including old prints.

"Our target for 2026 has all been sold. The value may be around Rp250 billion, including several land assets," he said in a Public Expose, Thursday, August 29.

The reason WTON divested assets is because WTON didn't 'play' in the business area so it could be released to increase the company's cash flow.

In terms of performance, until June 2024 managed to pocket a new contract of IDR 3.7 trillion.

WTON Corporate Secretary, Dedi Indra said the project was dominated by projects in the infrastructure sector by 77.19 percent, followed by projects in the industrial sector at 9.44 percent, then electricity at 6.45 percent, and the rest coming from the property, energy and mining sectors, each contributing 6.37 percent, 0.54 percent, and 0.01 percent.

Meanwhile, based on the ownership segmentation, this figure was dominated by private customers by 78.56 percent, followed by other state-owned companies of Rp 18.31 percent, parent company WIKA at 2.46 percent, affiliated with WIKA at 0.17 percent, and the government at 0.50 percent.