Rights Issue IDR 980 Billion And Bond Issuance Gets Shareholders' Approval, Waskita Karya Will Launch Several Projects

Photo: Doc. Antara/Waskita Karya

JAKARTA - The 2022 Extraordinary General Meeting of Shareholders (EGMS) approved the rights issue and the issuance of bonds/sukuk for the construction BUMN PT Waskita Karya (Persero) Tbk.

"The approval is contained in the first agenda, the Company has obtained approval for Capital Increase through a rights issue by issuing new shares of up to 8.72 billion series B shares with a nominal value of IDR 100 per share through a limited public offering mechanism III," said Waskita SVP Corporate Secretary Novianto Ari Nugroho in his statement was quoted by Antara, Monday, September 26.

In 2022, Waskita will receive an allocation of State Capital Participation (PMN) of IDR 3 trillion. In order to maintain the composition of share ownership between the Government and the Public after receiving the PMN, Waskita conducts a rights issue with an acquisition 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) Toll Road Phase 2 and the Ciawi-Sukabumi (Bocimi) Section 3 toll road, while the target for obtaining rights issue funds is IDR 980 billion. will be used for additional working capital for other strategic infrastructure projects being worked on by Waskita," said Novianto.

It is known that the Kayu Agung-Palembang-Betung Toll Road Phase 2 still requires funds to complete construction of IDR 2 trillion and currently the construction progress has reached 72.02 percent and is targeted to be completed in November 2023. Meanwhile, the Ciawi - Sukabumi Toll Road requires funds of IDR 1 Trillion to start the construction of Section 3, and the overall development progress has reached 46.21 percent with a target for completion in May 2025.

In addition to the rights issue, the EGMS also approved the issuance of Waskita bonds and sukuk through public offerings or without public offerings or ongoing public offerings with guarantees provided for and on behalf of the Government, either directly or through a business entity appointed as guarantor.

This is in order to fulfill the Government Guarantee requirements as stipulated in the Minister of Finance Regulation (PMK) Number 211/PMK.08/2020 concerning Procedures for Providing Government Guarantees for State-Owned Enterprises in the Framework of Implementing the National Economic Recovery Program.

Waskita remains consistent in carrying out efforts to improve financial performance by running eight streams of financial restructuring which have been running very well so far.

In 2022 the Company has succeeded in conducting strategic partnerships on several toll roads such as Cimanggis-Cibitung Toll Road, Kanci-Pejagan Toll Road and Pejagan-Pemalang Toll Road which are expected to help boost the Company's operational performance.