PT Waskita Karya Tbk (IDX: WSKT) planned to divest its statke in the three toll road units to escapes from the mounting debt, the CEO told member of parliament on Wednesday (07/01) - Photo by the Company

Jakarta (TheInsiderStories)PT Waskita Karya Tbk (IDX: WSKT) hoped to earn fresh funds up to Rp30 trillion or US$2.11 billion from projects using the turnkey scheme in this year, the management said on Tuesday (8/20). The state-owned construction firm also has planned to issue seven or 10 years-global bond worth of $300 million by the end of 2019.

Turnkey, a scheme commonly used in property is a method of payment made by the project owner to the contractor after all work has completed or when the project is handed over.

Finance Director Haris Gunawan, said Waskita would receive the payment from the South Sumatra Light Rail Transit project Rp2.9 trillion in the next few days. Then, from work of the Trans Sumatra toll road project managed by PT Hutama Karya in November or December 2019 with amount of Rp13 trillion.

The developer also hope to receive funds Jakarta – Cikampek II elevated toll payments from PT Jasa Marga Tbk (IDX: JSMR) as the project owner in December wtih total amount of Rp4.5 trillion.

Aside from the turnkey project, Waskita also will get fresh funds from toll road divestment. The operator aimed to divesting part of Trans Java’ section like Kanci – Pejagan, Pejagan – Pemalang, Pasuruan – Probolinggo, Semarang – Batang, Solo – Ngawi, Ngawi – Kertosono, Sriwijaya Makmur toll road also part of Trans Sumatera section’ Medan – Kualanamu – Tebing Tinggi and Becakayu.

On the global bond planned, Gunawan explained, the proceed from the bond issuance will be use to support its businesses. Now, he said, the company is still watching the market situation before release it.

Currently, he added, Waskita is in the process to issue Rupiah-denominated bonds with indicative target Rp3.5 trillion with a tenor three and five years. Gunawan expect the proceed from the bond issuance receive next month.

Last May, the company has issued two series local bonds with total amount Rp1.84 trillion. The bonds have a tenor of three and five years.

Furthermore, Gunawan revealed the firm also planned to issue a limited investment mutual fund with underlying asset in the Bekasi Cakung Kampung Melayu (Becakayu) toll road segment. He said, this instrument would be sold directly to investors not through asset management company. He reluctant to provide the target from the issuance.

Last year, Waskita has issued a similar equity-based instrument, the Trans Java Danareksa Infrastructure fund with total amount Rp5 trillion. The instrument makes the Trans Java toll road as an underlying asset. At that time, the issuance its subsidiary, PT Waskita Toll Road.

US$1: Rp14,200

Written by Staff Editor, Email: