Waskita Fully Supports the WSBP Restructuring Process, as the Best Option for Waskita Group's Financial Restructuring

Waskita Fully Supports the WSBP Restructuring Process, as the Best Option for Waskita Group's Financial Restructuring

PT Waskita Karya (Persero) Tbk fully supports the restructuring process currently underway in its subsidiary, PT Waskita Beton Precast Tbk (“WSBP”). On January 25, 2022, WSBP was determined to be in the Temporary Suspension of Debt Payment Obligation (“PKPU”) by the Central Jakarta District Court. In this regard, the WSBP has been established standstill by law in terms of obligations to creditors, causing default bond interest payments, suspension of bond and stock trading, and reductions in rating.

Temporary PKPU is a space that WSBP can take to reach restructuring agreements with creditors and vendors. PKPU is believed to be the best solution for all stakeholder of WSBP. In order to ensure that the entire PKPU process can run well, WSBP has also appointed PT Perusahaan Pengelola Aset (“PPA”) as lead advisor.

The financial restructuring of the WSBP is also part of the Company's commitment to implementing 8 streams Waskita Financial Recovery. The Company's President Director, Destiawan Soewardjono said that going concern WSBP is also a priority for the Company and part of the Company's commitment to implementing 8 streams Waskita Financial Recovery. Destiawan also emphasized that the WSBP Temporary PKPU process will not have a material impact on the Company as the parent company. In addition, in the process, the WSBP continues to be supported by the Government through the Ministry of SOEs.

"We appreciate the support from the Government to WSBP, especially the Ministry of SOEs. We also consider that the Temporary PKPU is not an obstacle for WSBP, it can provide space for WSBP to focus on its restructuring process, which was previously delayed,” said Destiawan.

The Company's Director of Finance and Risk Management, Taufik Hendra Kusuma also said the Company and WSBP fully appreciate all the support and trust that has been given by the stakeholder, so that WSBP will continue to be committed to continuously improve and improve its performance.

Waskita Karya

Waskita Karya

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