Canceled This Month, Waskita Karya's Rights Issue In Registration At OJK And Price Determination At The Ministry Of SOEs

Waskita Karya Building. (Photo: Doc. Antara)

JAKARTA - The plan to increase capital through Pre-emptive Rights (HMETD) or the rights issue of PT Waskita Karya (Persero) Tbk will be delayed from the target. Previously, the company will hold the action this month and the possibility will only be realized in December. Waskita Karya's Director of Finance and Risk Management Wiwi Suprihatno said the company's progress rights issue was in the registration stage until the exercise price was set at the Financial Services Authority (OJK). In addition, said Wiwi, the determination of the exercise price through the decision of the Minister of SOE which is expected to be published in November this year. "In terms of timeline last October, PP was published and we followed up registration to the OJK and we responded to the concerns submitted by OJK to us. Now, we are in the process of setting the range price until the final price," he said in a virtual press conference, Monday, November 14.

The Government Regulation (PP) related to State Capital Participation (PMN) and Waskita Karya's rights issue have been issued by President Joko Widodo (Jokowi) in October 2022.

Waskita Karya's rights issue is aimed at absorbing PMN for the 2022 fiscal year worth IDR 3 trillion. The issuer codenamed WSKT is indeed targeting public funds of IDR 980 billion through the rights issue on the Indonesia Stock Exchange (IDX). "As a timeline, maybe mid-December, the trading period will run. Before the end of the year, the disbursement of PMN funds and the results of the rights issue can be effectively carried out in Waskita," he explained. PMN funds will be used by the Company as working capital and a number of financing for toll road construction. The PMN has been approved by the DPR and the Ministry of Finance. Waskita Karya ensured that PMN will be used to complete the Kayu Agung-Palembang-Betung Toll Road with a budget allocation of IDR 2 trillion and Ciawi-Sukabumi Toll Roads worth IDR 996 billion to IDR 1 trillion.