Waskita consistently runs the Company's 8 streams financial restructuring program and is optimistic about achieving positive performance from its core business in 2023. It was conveyed by the President Director of PT Waskita Karya (Persero) Tbk., Destiawan Soewardjono on a press conference yesterday, Thursday (04/11) which was done virtually.
The implementation progress that has been well implemented in the 3rd quarter of this year are:
- In the 3rd quarter of this year, Waskita has officially received full support from the Government in the form of PMN 2021 for the completion of toll road projects, Government guarantee bonds for refinancing as well as additional syndicated working capital with Government guarantees to continue and accelerate the development of projects infrastructure as proclaimed in the National Economic Recovery (PEN) program. So that the Complete package of Government guarantees has been officially approved in the 3rd quarter of 2021, and will be finalized at the end of 2021.
- The Company has also restructured bank loans to the Company and its subsidiaries where on a consolidated basis the Company has restructured bank loans at the level of 92.35% of the target. With this restructuring, the Company can improve efficiency by extending the term of the credit facility until 2026 and obtaining more competitive interest rates.
After carrying out these corporate actions and restructuring, the Company will focus on improving operational and financial performance with much better liquidity. The Company will focus on completing infrastructure projects to facilitate the divestment process, which is also the current focus to gradually reduce liabilities.
In addition to focusing on the completion of existing projects, the Company also seeks to increase the acquisition of new contract values by focusing on the water infrastructure, airports, top 3 railroad segment, and international growth businesses along increasing the role of the investment and risk management committee in the selection of these new projects.
In the 3rd quarter of 2021, the Company has obtained a new contract value of Rp12.01 T consisting of investment/business development projects (68.05%), the Government (24.96%), BUMN projects (4.48%), and private project (2.51%). Based on the project, the new contracts came from Roads & Bridges (58.89%), Buildings (13.03%), Water Infrastructure (12.30%), Subsidiaries (11.40%), EPC (3.50 %) and others (0.88%). The Company targets the total acquisition value of new contracts in 2021 to be around Rp. 20.68 T and up to now, It is still possible to achieve the target value of new contracts by the End of the year with a much better and more efficient, and effective operating cost structure.
In the future, management will continue to strive to ensure the Company's going concerned with The Implementation of 8 Waskita Karya's streams financial restructuring program.
