JAKARTA. PT WIKA Bitumen, a subsidiary of PT Wijaya Karya (Persero) Tbk (WIKA), has converted debt through a Debt to Equity Swap (DTE) scheme which resulted in a change in the share ownership portion of WIKA and PT Wijaya Karya Gedung Gedung Tbk (WEGE).

Mahendra Vijaya, Corporate Secretary of WIKA, said that the number of shares offered according to the company's share ownership portion in WIKA Bitumen is 100 thousand shares or worth IDR 100 billion. Meanwhile, the number of shares offered according to WEGE's portion of share ownership in WIKA Bitumen is 1,010 shares or the equivalent of IDR 1.01 billion.

After the implementation of DTE, WIKA's share ownership portion in WIKA Bitumen increased to 99.39%, from the previous 99%. Meanwhile, WEGE's portion of share ownership in WIKA Bitumen was diluted to 0.61%, from the previous 1%.

"This transaction was carried out with the consideration that WIKA Bitumen can improve its financial performance and maintain equity so that it remains positive," said Vijaya, in an information disclosure on the Indonesia Stock Exchange (BEI) today.

According to idnfinancials.com data, WIKA Bitumen is a business entity that has been operating in the asphalt mining sector since 2013. This company has total assets of IDR 395.9 billion as of September 30 2023. (KR/LM)