Waskita Karya Targets Public Fund Purchase Of Rp980 Billion From Rights Issue

JAKARTA - PT Waskita Karya Tbk targets to absorb public funds of Rp980 billion through the issuance of new shares with pre-emptive rights issue.

The proceeds will be used as company working capital.

The plan is that the rights issue issue issue with the stock code WSKT will be carried out in November.

Dalam proses rights issue ini, pemerintah selaku pemegang saham mayoritas ikut berpartisipasi melalui dukungan dana berupa pemberian Pendaftaran Modal Negara (PMN) tahun anggaran 2022 senilai Rp3 triliun.

The PMN has been approved by the DPR and the Ministry of Finance.

"In order to maintain Waskita's share ownership structure for the public, we are conducting a rights issue with a target of obtaining public funds of Rp. 980 billion," said Waskita President Director Destiawan Soewardjono in a working meeting with Commission XI of the DPR, Monday, September 12.

After the rights issue, he continued, Waskita's share composition will also change. The interview is 75.35 percent for the government and 24.65 percent for the public.

Destiawan ensured that PMN will be used to complete the construction of two toll roads in Sumatra and Java, namely the Kayu Agung-Palembang-Betung Toll Road and the Ciawi-Sukabumi Toll Road section.

For the Kayu Agung-Palembang-Betung Toll Road, said Destiawan, the funds allocated amounted to Rp2 trillion. Meanwhile, for the Ciawi-Sukabumi Toll Road, it is worth Rp996 billion to Rp1 trillion.

"So it can be ascertained that we will not use PMN for other projects, so that the existing toll road can be completed next year," said Destiawan.

That way, the total budget needed by this state-owned construction issuer is IDR 3.98 trillion. This fresh fund is allocated for the company's working capital to the completion of the construction of two toll roads.

However, even though the rights issue through PMN of Rp. 3 trillion has been approved by the government, Commission XI of the DPR RI doubts that Waskita Karya will be able to absorb public funds of Rp. 980 billion.

The doubt was also accompanied by questions raised by members of Commission XI, that of which new funding sources were obtained by management, if the issued shares were not absorbed 100 percent.

Responding to this question, Destiawan ensured that his party would look for another alternative, namely by returning to make loans to banking institutions. If this process is taken, the company's interest expense will increase, considering that Waskita Karya is still recording debt burdens.

"If we don't get the Rp900 billion, it means we have to come back to the bank to make a loan, this will increase the interest burden on the debt," said Destiawan.

However, Destiawan is optimistic that investors will absorb all the new shares issued by WSKT in the Indonesian capital market.

Moreover, said Destiawan, many investors are interested in Waskita Karya's shares.

"Many are asking Waskita's shares. Because seeing the value that existed at that time was still considered low with Waskita's restructuring. It is hoped that in the future Waskita will become better, and Waskita's improving financial performance trend will also become the basis for investors to take stocks," he explained.