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Krakatau Steel will focus on debt restructuring this year

15 April 2019 06:22 AM  Company: PT. Krakatau Steel (Persero) Tbk[KRAS]
Rp. 370  +2 (0.54%)

JAKARTA. Debt restructuring has become PT Krakatau Steel Tbk (KRAS)'s main management agenda this year. Based on the company's financial report, it has a total debt of US$ 2.49 billion, 10.45% higher than in 2017.

Managing Director of Krakatau Steel, Silmy Karim, said that debt restructuring was the focus of the current management of KRAS. His party targeted for the debt restructuring negotiations to be completed by the end of April 2019.

He also revealed that Krakatau Steel's internal problems were not only debts. The slow progress of the company's internal projects causes the investment value to swell, he said on Sunday (14/4). Silmy will also carry out internal efficiency, both organizational, structural and system operating procedure (SOP). "This is a big company, its number of employees can be over 10,000, so the restructuring must be done meticulously," he added.

For this reason, KRAS will implement a management system that emphasizes anti-bribery, which does not tolerate all employees who practice corruption or bribery. (AM/AR)

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PT. Krakatau Steel (Persero) Tbk [KRAS]   Rp. 370   +2 (0.54%)