JAKARTA. PT Waskita Beton Precast Tbk (WSBP), a construction company owned by the Indonesian government through PT Waskita Karya (Persero) Tbk (WSKT), has auctioned off its assets to pay off debts to creditors.

Asep Mudzakir, Director of Finance & Risk Management WSBP, said that the auction took place from February 28 to March 4, 2024. The auction was carried out according to the homologated agreement ratified by the panel of judges on June 28, 2022.

There will be 72 units of WSBP’s assets divested in said auction, which will be divided into 6 packages. The total value of all those offered assets clock up to IDR 11.23 billion.

“For the utilisation of the proceeds of the equipment auction, 75% of them will be the source for paying off Tranche A and Trance B to creditors, while the remaining will be used according to cash waterfall stated in the homologated agreement,” added Mudzakir.

In the information disclosure in Indonesia Stock Exchange (IDX), Mudzakir also said that this asset divestment will increase WSBP’s operational liquidity.

According to IDNFinancials data, WSBP’s stock, as of now, is still listed under special monitoring, as the price arrives below IDR 51 per share. Furthermore, the company also recorded negative equity in its latest financial report. (KR/ZH)