JAKARTA - PT Waskita Karya (Persero) Tbk has successfully negotiated with 21 banks and received full support for the debt restructuring process with a total credit facility of Rp29.2 trillion or 100 percent of the total restructured debt.
The Company's President Director, Destiawan Soewardjono, said that the restructuring process is part of the company's business transformation as stated in Waskita's 8 Streams of Financial Restructuring.
"The company fully appreciates the support from banks who have understood that this restructuring process will have a positive impact on the company's performance and in the future, it will also increase the confidence and optimism of all parties," said Destiawan in a written statement, quoted from Antara, Monday, September 20.
The banks that have fully supported the debt restructuring process of the parent company are BNI, Bank Mandiri, BRI, Bank BTPN, Bank Syariah Indonesia, Regional Development Bank of West Java and Banten, Bank DKI, Bank Panin, Bank Permata, Bank KEB Hana, Bank Shinhan , Bank CTBC Indonesia, Maybank, BNP Paribas, Bank SBI Indonesia, Bank Resona Perdania, Bank UOB, Bank of China, Bank QNB, Bank OCBC NISP, and Bank CCB Indonesia.
This agreement completes the process of signing the restructuring agreement of seven banks which has been implemented on August 25, 2021. Furthermore, on September 15, 2021, it will receive restructuring support from 14 banks.
Currently, these 21 banks provide loan extensions of up to 5 years and more competitive interest rates.
The company targets positive performance growth with an average CAGR growth of up to 25 percent in the next 3 to 5 years. In the first half of this year, Waskita Karya recorded a net operating profit of Rp33.4 billion, an increase of 102.5 percent compared to the same period in the previous year.
Waskita's 8 Stream Financial Restructuring Program consists of restructuring the parent company and its subsidiaries, government guarantees, State Equity Participation (PMN) and rights issue, toll road asset divestment, construction completion, business transformation, and implementation of GCG and risk management. The Company also received full support from the government to be able to accelerate the implementation of Waskita's financial restructuring strategies.
With the implementation of Waskita's 8 Financial Restructuring Streams, the company can continue to contribute to national economic growth, especially in infrastructure development in Indonesia.
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