Jakarta, March 15th, PT Waskita Beton Precast Tbk (WSBP) held an incidental Public Expose in order to fulfill the requirements for the lifting of the stock trading suspension by the Indonesian Stock Exchange (IDX). The presentation was delivered by all levels of the WSBP Board of Directors to investors who took part in the online public expose. On this occasion, the WSBP Board of Director delivered a presentation regarding the progress of implementing WSBP's financial restructuring, the company's operational and financial performance, as well as the 2023 performance target.
Implementation of the Peace Agreement WSBP's
Director of Finance & Risk Management, Asep Mudzakir, said that currently the progress of implementing WSBP's financial restructuring is running smoothly. On 15 February 2023, WSBP received restructuring from the Bondholders to carry out the conversion of instruments in accordance with the restructuring provisions in the Settlement Agreement.
In addition, Asep also explained that WSBP targets the process of converting vendor debt into shares to be completed by the end of the second quarter of this year. "The total vendor debt that will be converted into shares is around Rp. 1.52 trillion," Asep explained, "Meanwhile, around Rp. 690 billion will be settled with the company's cash in stages starting at the end of March," he added.
The opening of the stock suspension is an important milestone in the debt conversion process for WSBP's creditors. "The value of the debt to equity conversion will be determined based on market prices using the 45-day Volume Weighted Average Price (VWAP) method," explained Asep. "The calculation of the 45 Day VWAP will begin after the stock suspension is lifted," he continued.
2023 Performance Targets WSBP
President Director, FX Poerbayu Ratsunu said that the results of WSBP's strong operational performance in 2022 became optimism for growth in 2023 and a catalyst for sustainable recovery after the Covid-19 Pandemic.
Poerbayu explained that WBSP is targeting the acquisition of a new contract value of up to IDR 3.8 trillion in 2023 or growing more than 2x from the achievement in 2022. WSBP emphasized that the market expansion strategy in the Government, SOE, and domestic and overseas private sectors will be the key to new contract growth in 2020.
Furthermore, the 2023 sales target is IDR 2.3 trillion, growing 15% from sales in 2022. This growth target will be supported by WSBP's 3 main business segments, namely sales of precast concrete, readymix, and construction services.
Based on the WSBP Financial Report as of September 30 2022, the precast concrete segment managed to record sales growth of up to 60% and the construction services sales segment grew significantly to more than 500%. Meanwhile, WSBP also recorded total assets of "WSBP is committed to continuing the trend of sustainable growth supported by sound financial fundamentals," concluded Poerbayu.