First Phase 2020 Continuous Sukuk Mudharabah Restructuring PT Wijaya Karya (WIKA)

February 03, 2024, 06.52 PM | Reporter: Pulina Nityakanti

ILUSTRASI. Workers carry out activities with gondolas cleaning the WIKA logo?in Jakarta. State-owned construction issuer PT Wijaya Karya Persero (WIKA) suffered a loss of IDR 5.84 trillion in the third quarter of 2023. This loss jumped 209 times compared to the previous year. BUMN Minister Erick Thohir restructured BUMN Karya due to unhealthy financial conditions. The restructuring process is estimated to take 2 to 3 years. KONTAN/Cheppy A. Muchlis/03/01/2024

ISSUER - JAKARTA. PT Wijaya Karya (Persero) Tbk (WIKA) held a General Meeting of Sukuk Holders (RUPSU) for the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020. The RUPSU was held on Wednesday (31/1) last.

The Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020 has a principal value of Rp 500 billion. The Sukuk holders present were equivalent to a principal value of Rp 453.35 billion or 90.67% of the total principal value, thus meeting the quorum.

Quoting the BEI's disclosure of information, Friday (2/2), there were two agendas in the RUPSU.

First, WIKA's explanation of the negligence in fulfilling the obligation to repay the funds of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020 Series A and the Company's proposal in connection with the negligence in fulfilling the obligation to repay the debt securities.

Second, determining the stance and decisions of the holders of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020 on WIKA's explanation and proposal in connection with the negligence in fulfilling the obligation to repay the Continuous Mudharabah Funds I Wijaya Karya Phase I Year 2020 Series A.

For the first agenda, the sukuk holders accepted WIKA's explanation regarding the negligence in fulfilling the obligation to repay the Continuous Mudharabah Funds I Wijaya Karya Phase I Year 2020 Series A.

The Sukuk holders also approved WIKA's proposal related to the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020.

Therefore, the sukuk holders decided to provide a grace period or improvement for the negligence condition no later than February 29, 2024.

This decision does not eliminate/erase WIKA's obligation to pay compensation for losses due to delays in fulfilling the obligation to repay the funds of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020 Series A until February 29, 2024.

For the second agenda, the sukuk holders did not accept WIKA's explanation and did not approve the Company's proposal in connection with the negligence in fulfilling the obligation to repay the Continuous Mudharabah Funds I Wijaya Karya Phase I Year 2020 Series A.

In connection with this decision, PT Bank Mega Tbk as the trustee will collect the outstanding amount no later than 5 working days from the date of the RUPSU execution.

The Sukuk holders asked WIKA to immediately fulfill the obligation to pay the entire amount of the obligation of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020, which is Rp 500 billion, plus the Profit Sharing Income that the Company has not paid within a maximum period of 60/90/120 calendar days from the date of collection of the outstanding amount by the trustee.

If it is still not fulfilled, then the trustee is obliged to immediately take action following the provisions contained in the Trust Agreement of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020, or the sukuk holders decide that the trustee should hold the RUPSU of the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020 to determine the steps that must be taken related to the Continuous Mudharabah Sukuk I Wijaya Karya Phase I Year 2020.