WIKA to focus investing in the drinking water business
JAKARTA. PT Wijaya Karya Tbk (WIKA) is currently working on its investment in the drinking water supply network following the increment in its stock portion in its subsidiary, PT Wika Tirta Jaya Jatiluhur (WTJJ), from 30% to 80%.
With this increase, WIKA now becomes the stock controller of WTJJ. WIKA replaces PT Jaya Konstruksi Manggala Pratama Tbk (JKON), which used to manage 60% of WTJJ’s shares, whose portion got diluted to 17.44%. The additional capital participation of WIKA in WTJJ also diluted the percentage of PT Tirta Gemah Ripah (TGR) from 10% to 2.56%.
In the information disclosure today (20/9), WIKA is said to place IDR 402.03 billion of investment in WTJJ. The funds are sourced from the State Equity Participation (PMN) budget of IDR 402 billion, as well as WIKA’s internal cash of IDR 30 million.
WIKA also wishes that this extra capital injection would elevate its financial performance, resulting in the prospect of additional values and dividends for the shareholders. (AM/ZH)