PT Waskita Karya (Persero) Tbk focuses on implementing its performance restructuring strategy through The Eight Streams of Waskita's financial restructuring since 2021. The implementation went well and began to bear fruit, as evidenced by the Company's performance in 2021 which was much better than the previous year.
As part of the implementation of The Eight Streams of Waskita's financial restructuring, in 2021, the Company managed to receive support from the Government in the form of State Equity Participation (“PMN”) worth Rp 7.9 Trillion. In addition, through the rights issue mechanism, the Company also managed to receive public funds of Rp1.54 trillion. The funds received from PMN are used by the Company to complete seven toll roads up to a certain point, while funds from the public are used as working capital for the Company's construction projects.
Not only did getting support last year, this year, the Government has again supported the Company by approving the 2022 PMN application amounting to Rp3 Trillion. The PMN funds are prepared to be used for the completion of toll roads up to a certain point, namely the Kayu Agung - Palembang - Betung toll road and the Ciawi - Sukabumi toll road. As part of the receipt of PMN for the Company, for balancing the proportion of share ownership, the Company again carried out a rights issue corporate action. The proceeds received from the rights issue corporate action are planned to be used for working capital for the Company's infrastructure projects. Sebagai rangkaian dari diterimanya PMN untuk Perseroan, maka guna menyeimbangkan proporsi kepemilikan saham, Perseroan kembali melaksanakan aksi korporasi rights issue. Proceed yang diterima dari aksi korporasi rights issue tersebut rencananya akan digunakan untuk modal kerja proyek infrastruktur Perseroan.
The PMN acceptance process in 2022 is going well, through a harmonization meeting, the Draft Presidential Regulation (RPP) regarding the Company's PMN has been approved and it is planned that the PMN RPP can be received by the Company at the end of August 2022. Then to get approval for the PMN & RI corporate action, The Company will hold an Extraordinary General Meeting of Shareholders (“EGMS”) on September 26, 2022. It is hoped that through the EGMS, the Company can immediately receive shareholder approval for the Company's planned rights issue and can continue the registration process with the OJK.
The corporate action will be carried out through a Limited Public Offering III with Pre-emptive Rights (“HMETD”) through the issuance of shares of a maximum of 8,722,695,331 series B shares.
The Company's President Director, Destiawan Soewardjono said that the number of shares was an estimate of the maximum number of shares to be issued. "Currently, the price of the rights issue and the number of shares issued are not final and will be determined by the Minister of SOEs around October. When the price and number of shares have been determined, it is hoped that the Company can immediately receive an effective statement from the OJK so that it can immediately start the rights issue trading period,” explained Destiawan.
The Company targets PMN and Rights Issue funds to be received by the Company in November 2022, so that the series of corporate action processes can be completed before the end of 2022. The Company hopes that with the PMN corporate action and Rights Issue which is part of the implementation of Waskita's 8 streams of financial restructuring, in the future the Company can record sustainable operational and financial performance.