Waskita Karya Threatened With Delisting, IDX Collects Performance Recovery Efforts

JCI illustration (Photo: Doc Antara)

JAKARTA - The Indonesia Stock Exchange (IDX) has issued a delisting warning or abolition of the listing of shares of PT Waskita Karya Tbk (WSKT).

This was conveyed by the IDX through the announcement of the potential delisting of the listed company PT Waskita Karya (Persero) Tbk (WSKT) recorded on the board: Special Monitoring No.: Peng-00094/BEI.PP3/11-2023.

For information, there is a suspension or aka a temporary suspension of trading at WSKT in connection with Waskita unable to pay principal and interest on bonds to investors. It has been six months since Waskita's shares have been suspended and made the exchange remind about the risk of delisting.

Meanwhile, WSKT shares have currently served a stock suspension for 6 months since May 2023, related to the postponement of interest payments and the principal of several bonds issued by the company.

IDX Corporate Assessment Director I Gede Nyoman Yetna said that the announcement was a process and procedure that should be carried out by the IDX in the context of protecting investors and security in investing in the Indonesian Capital Market.

"In the first 6 months when we suspended one stock, then it did not show any significant progress. We announced the potential for further delisting," he explained when met at the IDX Building, Friday, November 24.

Nyoman added that this announcement is the first potential delisting, if after the next 6 months it has not shown adequate changes, the second, third and fourth potential delisting will be announced.

In accordance with the I-I Regulation of Provisions III.3.1.2 delisting, in this case the forced delisting is carried out if the suspension in the Regular and Cash Market lasts 24 months.

This condition was preceded by Provision III.3.1.1 which stipulates that the company's shares will be deleted if they experience conditions, or events, which significantly negatively affect business continuity, either financially, legally, or against the continuity of the company's status as an open company.

According to the calculation of the first suspension on May 8, 2023, the WSKT suspension will reach 24 months on May 8, 2025.

Nyoman added that his party will continue to follow up by asking Waskita regarding its business plan and what efforts will be made to make improvements to these conditions.

"We follow up with a request to them to convey a business plan, what to do for repairs," said Nyoman.

Previously, WSKT SVP Corporate Secretary Ermy Puspa Yunita said that his party was focusing on improving performance to complete a review of the master restructuring agreement (MRA). In addition, we are also waiting for the approval of bank creditors and bond holders.

"The company is optimistic that it can complete the MRA review, approval of bank creditors and bond holders, so that the suspension can be opened in the first quarter of 2024," Ermy said in a statement yesterday.

Ermy said the company was conducting intensive discussions regarding the final stage of the final approval process for the proposed restructuring scheme.

"As part of the restructuring process, the company also continues to have intensive discussions with all bond holders regarding the restructuring scheme so that it can be immediately approved through the General Meeting of Bond Holders (RUPO)," explained Ermy.