WSBP - PT. Waskita Beton Precast Tbk

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JAKARTA – Following the approved debt restructuring scheme, PT Waskita Beton Precast Tbk (WSBP) now aims high by setting the target for new contracts in 2023 to IDR 3 trillion.

“We expect most of the contracts to be commissioned by Waskita Group itself,” the management of WSBP mentioned during the online Incidental Public Expose in 2023 held earlier today (15/3). Other contracts are projected to come from Nusantara Capital City (IKN) projects, as well as the development of specialised industrial areas, such as Morowali.

WSBP is currently focusing to obtain new contracts with secure source of funds, for example, projects that provide a down payment option. In other words, the company leans more towards projects ordered by government and state-owned enterprises. “It is to maintain our liquidity level, thus allowing smooth and timely operation,” Asep Mudzakir, Director of WSBP, explained.

The company reportedly has no plans of raising funds via corporate actions given the fact that it is currently under stock suspension after being involved in a Suspension of Debt Payment Obligation (PKPU) lawsuit.

Thankfully, WSBP has initiated the debt restructuring schemes according to the homologated peace agreement and the approval of outstanding bondholders. The management also mentioned of designing holistic business transformation and internal monitoring initiatives to maintain its performance after the suspension is lifted. (ZH)