JAKARTA. The General Meeting of Bondholders (GMB) of PT Waskita Karya (Persero) Tbk (WSKT), which supposedly took place on May 16, 2024, failed to meet the requirements. As a result, the stock exchange suspended the trading of WSKT’s securities in all markets, starting from May 16, following the stock suspension that has taken effect since May 8, 2023.

Said meeting is related to Series B of Shelf-Registration Bond III of Waskita Karya Phase IV Year 2019 worth IDR 1.36 trillion, the bond of which WSKT has reportedly failed to pay interest of 9.75% per annum and principal of IDR 1.36 trillion within 5 years, which is due May 16, 2024.

Based on the information disclosure in Indonesia Stock Exchange (IDX), the meeting was joined by bondholders representing 1.23 trillion votes, or 90.83% of total bond. Out of the total votes, 36 billion abstained, 498.98 billion agreed, and 702 billion objected.

As is known, the GMB consists of two agendas. The first is acknowledging the explanation and approving Waskita’s proposal to ignore the breach of trust due to Waskita’s negligence. The second is, if the first suggestion was rejected, bondholders may urge Waskita to promptly fulfil its obligation to pay all outstanding debts until the specified due date.

“However, only 41.55% of bondholders agreed upon the first suggestion. Therefore, GMB cannot generate any decision,” clarified President Director of Waskita, Muhammad Hanugroho, in the letter to IDX, quoted Tuesday (21/5).

Hanugroho mentioned that for the next step, the trustee will schedule another GMB, as well as making the announcement and calling bondholders as per the trust agreement. (AM/ZH)