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IDX again suspends trade in Waskita Karya shares
The Indonesian bourse has excluded the state-owned construction firm’s shares from trading for a second time this year after the company failed to make timely bond payments.
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Workers of PT Waskita Sriwijaya, a subsidiary of state-owned construction firm Waskita Karya, pave a section of the trans-Sumatra toll road in Ogan Komering Ilir regency, South Sumatra, on April 3, 2023. (Antara/Nova Wahyudi)
T
he Indonesia Stock Exchange (IDX) has again announced a trading halt on the shares of PT Waskita Karya (WSKT) after the state-owned construction firm failed to make timely coupon payments on its corporate bonds.
The trading halt on WSKT shares was effective as of Monday, and follows a previous one imposed on Feb. 16 for similar reasons.
IDX only lifted the earlier halt on March 3 after Waskita Karya had completed its due payments.
The bourse’s announcement comes after the construction firm failed to persuade bondholders to push back a May 6 deadline for coupon payments by three months.
Waskita stated on Friday that more than 63 percent of its bondholders had voted to reject its proposed payment delay during a meeting on Wednesday. Bondholders representing 81 percent of a total debt value of Rp 135.5 billion (US$9.23 million) participated in that meeting.
The company said it could not make payments to all its creditors, as it was in the process of reviewing its “master restructuring agreement” over four months and which was scheduled to finish on June 15.
Read also: Waskita Karya sees net loss widen despite revenue increase in 2022
