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WIKA to raise fund for work on Jakarta's sea wall, new capital city
State-owned construction firm PT Wijaya Karya (WIKA) is seeking to raise Rp 9.22 trillion (US$580.6 million) in October, which would mostly be used to finance the country's national strategic projects.
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A billboard of Wijaya Karya’ logo is installed near a project in Jakarta.
(kontan.co.id/Daniel Prabowo)
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tate-owned construction firm PT Wijaya Karya (WIKA) is seeking to raise Rp 9.22 trillion (US$580.6 million) in a rights issue scheduled for this late April, with most of the money raised to be used to fund national strategic projects (PSNs) and the future capital city, Nusantara, in East Kalimantan.
A lion's shares of Rp 5.58 trillion, or 60 percent of the total raised funds, would go to 37 national strategic projects it is working on across the country, including the National Capital Integrated Coastal Development (NCICD) Jakarta stage 6 and a coal-fired power plant in Palu, Central Sulawesi.
The NCICD is a long-planned giant sea wall set along the coast of Jakarta, also involving a series of reclamation projects in the area.
Rp 420 billion would go to WIKA’s work on the construction of Nusantara, which includes the presidential palace, presidential office, the KKT Kariangau-Sp.Tempadung toll road as well as road construction in the middle of the future capital.
The remaining funds will be allocated as the company’s working capital for other projects, including the Joglo underpass project in Solo, Central Java, a Semarang flood emergency project in Central Java and the Ancol Sentiong pump project in Jakarta.
Read also: Wonky WIKA
According to the prospectus released on Tuesday, the company will act as a contractor where it has obtained material permits necessary to do business activities as a contractor.
