BNI, Mandiri, BRI, BTPN, BSI, BJB, Bank DKI Unite To Save Waskita Karya Who Has IDR 29 Trillion In Debt

The signing of the Master Restructuring Agreement (MRA) between Waskita Karya and seven creditors at the Mandiri Club, Jakarta, Wednesday, August 25. (Photo: Doc. Antara)

JAKARTA - A total of seven bank creditors have agreed on the financial recovery of PT Waskita Karya by restructuring its debt worth Rp. 21.9 trillion from a total of Rp. 29 trillion.

Deputy Minister of SOEs Kartika Wirjoatmodjo said that the restructuring agreement is expected to restore financial conditions and continue Waskita Karya's transformation.

"We really appreciate the coordination and cooperation that has been carried out by all parties in supporting the recovery and transformation of Waskita Karya," Kartika said in a press statement quoted from Antara, Thursday, August 26.

The seven banks involved in the restructuring include Bank Negara Indonesia (BNI) which acts as the leading bank, followed by Bank Mandiri, Bank Rakyat Indonesia (BRI), National Pension Savings Bank (BTPN), Bank Syariah Indonesia (BSI), Java Development Bank West (BJB), and Bank DKI.

Kartika added that Waskita Karya's financial restructuring must be followed by improvement of the company's fundamentals by carrying out business transformations that are oriented towards sustainable growth.

According to him, the important restructuring momentum not only accelerates recovery, but can also encourage Waskita Karya to make a positive contribution to the national economy, which is currently trying to recover from the impact of the COVID-19 pandemic.

Waskita Karya President Director Destiawan Soewardjono expressed his gratitude for the support provided by creditors and the Ministry of SOEs, so that the financial restructuring could be carried out.

The company immediately responded to the moment of financial recovery by launching a business transformation program entitled "Our Heritage" which carries three main pillars, namely portfolio and innovation, lean, and digital.

"Currently we are in a total transformation process from operational to financial terms. The signing of the MRA which took place today is a positive momentum for Waskita and all stakeholders," said Destiawan.

PT Waskita Karya (Persero) Tbk is a state-owned company that has a significant contribution in the development of various national strategic projects, including more than 20 toll road projects, such as the Trans Java, Trans Sumatra, and Jabodetabek and Surabaya inner-city toll roads. This includes the construction of electricity transmissions, dams, rail and LRT facilities, airports, and ports.

The efforts to restore Waskita Karya's financial condition have emerged in line with the pressures experienced by this WSKT-coded issuer since 2020. The pressure is due to the decline in performance and revenue of the construction business due to the COVID-19 pandemic.

Extra steps are needed so that Waskita Karya can fulfill its obligations to bank creditors and vendors. To overcome this condition, the Government through the Ministry of SOEs as the main shareholder of Waskita Karya formed the Waskita Karya Restructuring Acceleration team.

Meanwhile, Waskita Karya appointed an independent consultant to help oversee the company's business transformation, financial transformation, and legal security.

One of the financial transformations that will be carried out by WSKT, among others, is to reorganize the portfolio of toll roads that Waskita is or will be building in order to assist the company in recovering its financial condition so that it becomes fundamentally stronger.