PT Waskita Karya (Persero) Tbk gave Shareholder Loan (“SHL”) to PT Waskita Toll Road (“WTR”) in the amount of Rp6.42 Trillion, which was sourced from the proceeds from the State Equity Participation (“PMN”) which was received at the end of 2021. WTR is currently under construction.
The SHL will be used by WTR for capital payments to PT Waskita Sriwijaya Tol, PT Waskita Bumi Wira and PT Trans Jabar Tol as well as providing funds in the form of SHL to PT Kresna Kusuma Dyandra Marga, PT Waskita Transjawa Toll Road and PT Cimanggis Cibitung Tollways. In addition, the provision of SHL is expected to maximize WTR's business performance so that later it will provide added value for the Company as the majority shareholder of WTR.
Along with support from the Government and the implementation of 8 Waskita's streams of financial restructuring, the Company will focus on improving operational performance, one of which is through the completion of toll roads with WTR. With a focus on operational business, it will improve the Company's financial performance in 2022 by increasing revenue from the construction sector (increasing burn rate).
"With the support from the Government through PMN in 2021, we believe the Company can continue the process of completing toll roads which had been delayed since the COVID-19 pandemic." said Destiawan.
"In addition to improving operational and financial performance, the completion of toll roads can also facilitate the divestment process that is being carried out by the Company. This is due to the tendency of investors to choose toll roads that are already operating, either partially or fully,” continued Destiawan.
"For information, in 2022 the Company will obtain PMN worth Rp3 trillion. The 2022 PMN is an additional PMN aimed at the completion of the Kayu Agung – Palembang – Betung and Ciawi – Sukabumi toll roads. We can convey that there are no problems with projects whose contracts with the Government have so far not been problematic with the financing” said Destiawan.