CORPORATE ACTION - JAKARTA. Indonesia's state construction firm Waskita Karya expects its shares suspension could be lifted soon after the firm won bondholder approval to defer coupon and maturity payments, the company said on Tuesday.
The Indonesia Stock Exchange (IDX) last week suspended trading of Waskita's shares as the firm delayed the coupon payment of its 1.3 trillion rupiah ($85.70 million) bonds maturing in 2024.
"We continue to coordinate with IDX regarding what supporting documents are needed as a condition for removing the suspension," said Waskita's corporate secretary, Ermy Puspa Yunita.
Last week, Waskita's bondholders approved a nearly four-month deferment until June 16 on both coupon and principal payments of its 2.3 trillion rupiah bonds, it said in a stock exchange filing on Monday. The bond was set to mature on Feb. 23.
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The bondholders also approved deferral of coupon payments on two of Waskita's other rupiah bonds, namely those issued in 2018 until June 28 and 2019 bonds, worth 1.3 trillion rupiah, until Aug. 16.
In its filing, it said the deferral was to ensure the firm has sufficient cash for working capital for its operations.
