Concerning Delays in Paying Bond Interest, Waskita Karya Opens Voice

Illustration of Rupiah (Photo: Doc. Antara)

JAKARTA - PT Waskita Karya (Persero) Tbk (WSKT) postponed the payment of interest on its Phase IV Sustainable Bonds III.

This is because the company will comprehensively review the implementation of the MRA to optimize the ongoing financial restructuring program.

"Waskita is not unable to pay the bond interest, but we are delaying the implementation", said SVP Corporate Secretary PT Waskita Karya (Persero) Tbk, Ermy Puspa Yunita, quoting Antara on Thursday, February 16.

This State-Owned Enterprise with the WSKT stock code provides equal treatment for all debt owners, both working credit and bond owners.

The company is currently carrying out a restructuring as stated in the Master Restructuring Agreement (MRA) as one of the strategies for financial restructuring.

Ermy explained that during the review process, the company will submit a standstill request to lenders and bondholders, as a form of equal treatment for working capital loans and bonds.

This effort is in line with the Ministry of SOEs through SOEs Deputy Minister II, Kartika Wirjoatmodjo, who said that Waskita was in the restructuring stage due to limited funding for the completion of ongoing infrastructure projects.

Tiko said that Waskita was in the process of filing with the DPR's Commission VI to obtain PMN, which was expected to accelerate the company's restructuring process.

Referring to the disclosure of information, the Indonesia Stock Exchange (IDX) announced the temporary suspension of securities trading with Waskita due to non-fulfilment of coupon and/or principal payment obligations.

The stock suspension began in the first trading session on Thursday, February 16.

The company recorded revenue growing by 44.66 per cent YoY to IDR 10.3 trillion as of the third quarter of 2022, and a net profit of IDR 578.17 billion, an increase of 766.6 per cent YoY from the same period last year of IDR 66.71 billion.