WIKA Pockets Restu Extends Due Tempo Falls Bonds

Rupiah (Photo: antara)

JAKARTA - PT Wijaya Karya (Persero) Tbk (WIKA) managed to get the blessing to extend the principal tempo of a number of bonds. The blessing was obtained based on a decision at the General Meeting of Bond Holders (RUPO) and the General Meeting of Sukuk Holders (RUPSU).

The RUPO and AGMS were held on October 21 and 22, 2025. The meeting agenda discussed the proposed extension of the principal maturity of Bonds I Phase I Series A and Series B, Bonds III Phase I Series A, Sukuk I Phase I Series B, Sukuk III Phase I Series A and addition call options for Series A, B, and C, as well as exclusion (waiter) of financial ratios according to the provisions in the trust agreement.

WIKA Ngatemin's Corporate Secretary said at the GPA, bond holders in a quorum gave approval for the proposed extension due.

"This reflects the support of bond holders for WIKA's efforts to strengthen the financial structure and maintain the company's business sustainability," he said in an official statement, Thursday, October 23.

Meanwhile, the results of the AGM on Sukuk Mudharabah have not yet reached an agreement because a quorum of approval has not been fulfilled, so the meeting has not been able to make a decision.

"The company will continue to communicate with Sukuk holders and trustees to reach the best agreement for all parties," he said.

Ngantemin said WIKA also continues to take restructuring steps through eight transformation substreams, including financial restructuring, strengthening governance, operational efficiency, accelerating collection period, and improving project portfolios.

According to Ngantemin, this step is also supported by the restructuring of phase I banking credit worth IDR 20.79 trillion with a tenor of 10 years and a 4 percent interest, which has been agreed upon with 15 national banks.

The company is also focused on improving short-term cash flow through four main pillars, namely debt restructuring & reducing loss mitigation, recycling non core assets of the Company in long-term investment participation that has not provided returns, accelerating the disbursement of receivables, implementing operational excellence, and continuing to seek requests for support from majority shareholders.

"The company will also continue to establish constructive communication with Sukuk holders to reach the best agreement for all parties," he said.