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Waskita Karya open to receiving foreign funding, says President Director

09 May 2019 13:54

JAKARTA - PT Waskita Karya (Persero) Tbk (WSKT) I Gusti Ngurah Putra said that the company is open to receiving foreign financing as long as it benefits the company.

“Why not? If there are cheaper funding sources with easier conditions, we will surely take it. Most importantly, it has to be cheaper and the conditions should not be too difficult. It doesn’t matter where the money comes from,” said Mr Putra in a press conference after the company’s AGM at the Pullman Hotel, Central Jakarta on Thursday (9/5).

Mr Putra added that although numerous foreign financial sources have offered funding to the company, hedging still proves to be an issue because the money offered by foreign parties is in US dollar denomination, while WSKT’s spending and revenue are mostly in rupiah.

“They give us [money] in dollar while we spend it in rupiah and earn revenue in rupiah, and it results in a transactional cost due to the exchange rate gap,” he said.

So far, Mr Putra continued, WSKT has yet to receive financing from foreign parties apart from foreign banks operating in Indonesia. (MS)

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