JAKARTA – PT Platinum Wahab Nusantara Tbk (TGUK) is in the process of filing for a restructuring of its trade payables to third-party vendors. The beverage industry's trade payables soared by 211% in the third quarter of 2024, compared to the same period in 2023.

Maulana Hakim, President Director of TGUK, stated that the restructuring is targeted to be completed by the end of this year. "There is a large outstanding invoice from an online platform, as the company partnered with one to boost sales. However, the results did not match the expenses incurred," he explained in a statement on Tuesday (11/2).

TGUK reported trade payables of IDR 15.05 billion as of September 2024, a significant increase of 211% from the same period last year, which stood at IDR 4.83 billion.

TGUK’s trade payables to several vendors include IDR 5.80 billion to PT Gojek Indonesia, IDR 1.20 billion to PT Aozora Karya Makmur, IDR 715.49 million to PT Grab Indonesia, and IDR 634.70 million to PT Sentral Kristal Abadi.

According to Hakim, a decline in sales is the primary reason for TGUK’s delayed debt payments. This drop in sales performance has also forced TGUK to close several outlets.

As of 31 January 2024, TGUK had a total of 3.07 billion shares outstanding. The shareholding structure consists of 70% controlled shareholders and 30% non-controlled shareholders. The free float portion is recorded at 14.88%, with 5,177 shareholders. The ultimate beneficiaries of the shareholding are Najib Wahab Mauluddin and Maulana Hakim. (LK/KR/ZH)