Jakarta, February 2022. The management of PT Waskita Beton Precast Tbk (WSBP) is optimistic that the Temporary PKPU process that is currently being faced can produce the best agreement for all parties. The Temporary PKPU process is believed to be a turning point for the recovery of the company`s performance.
The President Director of WSBP, FX Poerbayu Ratsunu said, the court`s decision to determine the status of WSBP as Temporary PKPU is actually beyond the Company`s expectations. However, WSBP accepts the decision and will carry out various strategies in dealing with the Temporary PKPU period.
According to him, the PKPU decision itself aims to achieve peace between WSBP as the debtor and all creditors. "This is a point that we all must understand, that PKPU does not mean bankruptcy, but is a solution to reach an agreement between WSBP and creditors through homologation," said FX Poerbayu.
FX Poerbayu emphasized that WSBP as the debtor will be cooperative and open to all stakeholders during this process, prioritizing good corporate governance, following applicable laws and regulations and being fair to all creditors.
He explained that the Temporary PKPU process would last 45 days. During this period, the process of submitting a peace proposal and the company`s operational activities will be assisted by the Management who has been determined by the Court and is under the supervision of the Supervisory Judge.
During the Temporary PKPU process, several things happened, including delays in payment of obligations to creditors, suspension of company shares and downgrading of credit ratings. This is normal for a company that is in the Temporary PKPU process.
"This is only temporary. We hope that the WSBP rating will be readjusted after the homologation process is achieved," he said.
During the PKPU process, WSBP will continue to carry out business activities and company operations fairly and apply the principles of compliance or Good Corporate Governance. This is in line with the management`s commitment to ensure the Company`s going concern and ensure WSBP`s support in the country`s infrastructure development.
"WSBP will continue to supply products that are currently being managed by the company, both new contracts and the remaining contract value from the previous year," said FX Poerbayu.
He also appreciated all parties and stakeholders who have provided support for WSBP to be able to carry out restructuring which is part of the transformation. "That way we are optimistic that we can realize a sustainable WSBP performance recovery program," he said.
Through this PKPU facility, WSBP has a strong commitment and intention to be able to restructure all obligations owned by WSBP, be it, to vendors, banks and other creditors so that WSBP can carry out and provide certainty for the settlement of payment of its obligations as a whole without exception.
As is known, WSBP is one of the entities in the construction sector affected by the COVID-19 pandemic. Where the pandemic has hampered the company`s business operations, starting from a decrease in production, working on existing contracts, to obtaining new contracts. As a result, WSBP`s liquidity was depressed.
For this reason, the management of WSBP also took steps to restructure, in order to get relaxation in payment of obligations from creditors. Restructuring can also be a solution so that WSBP`s business processes can run again without problems with liquidity.
In addition, the management of WSBP itself is optimistic that throughout this year the company`s performance will slowly recover. New Contract Values are projected to grow up to 30% in 2022. This year, WSBP targets new contracts of IDR 3.5 trillion. This optimism is supported by the large market potential of the Waskita Group project.