Waskita Beton Will Published New Shares Through The Rights Capital Increase Scheme

Illustration. (Photo: Doc. Antara)

Waskita Beton Will Published New Shares Through the Rights Capital Increase Scheme "Waskita Beton plans to issue new shares with the Capital Increase scheme without Pre-emptive Rights (PMTHMETD). The corporate action was carried out in the context of implementing a Peace Agreement that has permanent legal force (Inkracht) since September 20, 2022," said Waskita Beton's Corporate Secretary Fandy Dewanto in a statement in Jakarta, quoted from Antara, Wednesday, November 9. Fandy said the new issued shares were aimed at partially resolving obligations to trade creditors (vendors) through a debt conversion scheme into equity. The implementation of the debt conversion scheme into equity will be carried out after approval of corporate actions from all regulators is obtained. PMTHMETD given to Vendor creditors who have been verified by issuing a maximum of 32,715,232,945 shares. Where the number of shares to be issued will be adjusted to the volume weighted average price (VWAP) value of 45 Days of the Company. "This is a form of Waskita Beton's commitment to the directors to fulfill the rights of creditors that had been previously agreed upon at the Peace Agreement," said Fandy. The company will also convert obligations to Shelf-Registered Bondholders I Waskita Beton Precast Tbk Phase I & II Year 2019 and PT Bank DKI into mandatory bonds of conversion (“OWK”). OWK will be converted into shares in the 10th year after issuance. The pricing for the implementation of the OWK conversion into shares will be calculated through a 45-day VWAP mechanism. Later Waskita Beton will also submit this corporate action plan at the Extraordinary General Meeting of Shareholders on December 14, 2022 and therefore the Company conveys the information as stated in this Information Disclosure so that all shareholders of the Company know complete information regarding PMTHMETD's plans. Waskita Beton's management always upholds Good Company Governance and always adheres to the commitments that have been conveyed in the Peace Plan, and will be cooperative and open to all stakeholders. "In the future, Waskita Beton's management will carry out an improvement strategy to be able to improve business sustainability so that the company's performance recovery can be realized so that it can carry out all its obligations to creditors. Waskita Beton will be ready to contribute more to infrastructure development in Indonesia," said Fandy.