Getting Additional State Capital Participation, Waskita Karya Speeds Up Infrastructure Project Completion

Photo: Doc. Waskita Karya

JAKARTA - PT Waskita Karya Tbk, continues to improve financial performance with a focus on accelerating the completion of toll road infrastructure projects in Java and Sumatra, including other strategic projects. One source of funding comes from State Capital Participation (PMN).

Waskita Karya's SVP Corporate Secretary Novianto Ari Nugroho said the company will focus on improving operational performance. Novianto said, government support through PMN and 2021 Working Capital Credit (KMK) can help companies complete toll roads that have been delayed since the COVID-19 pandemic.

By completing the toll road, said Novianto, the company can not only improve operational and financial performance, but also facilitate the ongoing strategic partnership process.

"This is due to the tendency of new investors to choose toll roads that are already operating, either partially or fully," said Novianto, in an official statement, Thursday, October 6.

For your information, in 2022 the issuer codenamed WSKT shares has conducted a strategic partnership for several toll road sections. Such as Cimanggis-Cibitung Toll Road, Kanci-Pejagan Toll Road, and Pejagan-Pemalang Toll Road. This process is expected to help Waskita financially.

Meanwhile, PMN 2021 funds of IDR 7.9 trillion received by WSKT were used for the completion of 7 toll roads in Java and Sumatra.

Then, the Bekasi-Cawang-Kampung Melayu Toll Road with Wiyoto Wiyono and 2A Ujung Toll Roads are 4.88 km long, Cimanggis-Cibitung Toll Road Section 2A is 3.4 km long, Ciawi-Sukabumi Toll Road Section 2 is 11.9 km, Krian-Sukabumi Toll Road is 11.9 km long. Legundi-Bunder-Manyar Section 4 along 9.29 km, Pasuruan-Probolinggo Toll Road Section 4 along 12.45 km, Pejagan-Pemalang Toll Road along 57.5 km which are currently fully operational.

While PMN 2022, WSKT will get an allocation of IDR 3 trillion. In order to maintain the composition of share ownership between the government and the public after receiving the PMN, WSKT will carry out a corporate rights issue with a target of IDR 980 billion.

PMN funds amounting to IDR 3 trillion will be used to complete two toll roads, namely the Kayu Agung-Palembang-Betung (KAPB) Phase II toll road of IDR2 trillion and the Ciawi-Sukabumi (Bocimi) Section 3 toll road section amounting to IDR1 trillion.

Novianto said that the target for obtaining rights issue funds of IDR 980 billion is planned to be used for additional working capital for other strategic infrastructure projects being worked on by Waskita.