JAKARTA – PT Wicaksana Overseas International Tbk (WICO) is looking for new alternatives for funding options after cancelling its second phase of private placement. As of now, WICO’s equity is low, thus hindering it from expanding its business.

Roni Setiawan, President Director of Wicaksana Overseas International, claimed that the company is reviewing other alternative corporate actions to improve its financial condition. “The annulment of the second phase of the private placement does not materially affect the operational activities of the company,” he said in the information disclosure quoted today (21/2).

Initially, the private placement phase II was scheduled to take place on December 31, 2022, before being postponed as it still waited for approval from DKSH Holding AG as the controller of WICO.

On September 15, 2022, WICO received extra fresh funds of IDR 61.17 billion from DKSH Holding AG via the first phase of pricate placement. Then, WICO utilised 59.09% of the proceeds to pay outstanding debts of raw material purchase to the supplier, while allocating another 13.60% to pay its debts to DKSH Corporate Shared Services Centre Sdn Bhd for its hosting services. Lastly, it set 27.03% of the proceeds aside for its own working capital.

Until September 2022, WICO recorded equity of IDR 4.97 billion, massively shrinking 94.68% from IDR 93.58 billion in the same period in 2021. (LK/ZH)