JAKARTA. The General Meeting of Shareholders of PT Waskita Beton Precast Tbk (WSBP) has given approval regarding the private placement of 33.60 billion new series C shares as a part of debt conversion to equity and mandatory convertible bonds (MCB). This corporate action, included in the debt restructuring process, will put WSBP’s vendors as the major shareholder of WSBP with 56.04% of ownership.

The meeting held last Friday (30/6) agreed that this private placement will involve all vendors, given that this action is included as the conclusion of financial obligations as stated in the homologated agreement.

Fandy Dewanto, Vice President of Corporate Secretary of WSBP, claimed that this meeting is another milestone in the debt restructuring scheme approved by creditors in the homologated agreement. The management of WSBP also schedules this private placement to be concluded in the third quarter of 2023, added Dewanto in the official statement quoted Monday (3/7).

Furthermore, WSBP will also issue MCB worth IDR 2.52 trillion, which will be disbursed to bondholders and PT Bank DKI. These MCB will be converted to series C shares of WSBP by 2023. Along with this private placement, WSBP will also raise authorised capital from IDR 6.3 trillion to IDR 10.5 trillion, as well as its issued and paid-up capital from IDR 2.6 trillion to IDR 4.3 trillion.

Therefore, WSBP’s shareholder structure will change. One series A share of WSBP is owned by PT Waskita Karya (Persero) Tbk, the reigning controlling shareholder of the company. Then, the series B shares, will still be owned by WBSP’s current shareholders, while the upcoming, new series C shares will be channelled to vendors, bondholders, and PT Bank DKI.

“Series A share is set up to maintain WSKT as the controlling shareholder of WSBP despite the diluted portion, as agreed by all creditors in the homologated peace agreement,” Dewanto further explained.

With this corporate action, WSBP’s shareholder structure after the first year of the private placement consists of WSKT of 26.38%, public investors of 14.51%, creditors of 56.04%, and treasury stock of 3.08%. “After this private placement, the cooperation unit of WSKT will no longer be able to claim portion in WSBP,” Dewanto confirmed. (AM/ZH)