Waskita to offer 24.56 billion shares via rights issue
JAKARTA. PT Waskita Karya Tbk (WSKT) would launch a rights issue of 24.56 billion Series B shares of IDR 100 each to complete toll road projects, fund its working capital, and develop its subsidiaries further.
This corporate action plan is laid out on the information disclosure submitted to Indonesia Stock Exchange (IDX), Saturday (14/8). In the letter, the company is said to channel the rights issue proceeds to strengthen its capital structure. In addition, the rights issue could also develop and solidify its construction portfolio. WSKT’s existing track records consist of becoming the national champion in water resources and airport infrastructures and the top three contractors for train track projects.
Currently, the company is undergoing digitalisation of all business processes, which would be integrated into one information technology system. With this measure, the management wishes to increase efficiency in operational costs.
On the other hand, Waskita Karya is focusing on speeding up divestments of toll road concessions managed by its subsidiary, Waskita Toll Road. Thus far, the company has 14 toll toad concessions, of which three routes have been fully operated, while the other 11 runs partially or under the construction phase. (AM/ZH)