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CORPORATE ACTION - JAKARTA. The state-owned infrstructure company PT Wijaya Karya Tbk (WIKA) still looking for fresh funds. Wika is issuing perpetual bond in the beginning of the year of 2019.
Chief Finance Steve Kosasih said the Rp 2 trillion bond will be released in stages, with no maturity date but an option to increase the coupon rate.
"The money will be used to fund the investment and capital expenditure next year," Kosasih said on Friday (22/12).
In the first three years, the investor will receive interest of 10.5% rate. After that, they will receive stepped-up rate by 2% point to 12.5%, started in the fourth year.
If the investor does not take call option for the next two years, the coupon received will be raised by 4.5% point to 17%. This rate will be apllied forward.
BNI Sekuritas, Danareksa Sekuritas, Mandiri Sekuritsa, dan RHB Sekuritas will in charge as joint arrangers for this Wijaya Karya perpetual bond.
Wijaya Karya chose the perpetual bond as faster choice to raise the fund. In addition, it will not be included in debt post but equity, therefore can maintain the debt ratio.
Wijaya Karya managed to reach equity of Rp 63 trillion in 2023, stronger than Rp 23 trillion of equity that is targeted in the end of 2019 and Rp 17 trillion in the end of 2018.
For next year, Wijaya Karya has budgeted capital expenditure of 30% of the company's equity funds or Rp 20 trillion. Meanwhile, revenues and profits are targeted to increase by 20% compared to this year's.
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