PT Waskita Karya Tbk (IDX: WSKT) enter new business by built steel plant in Cikande Modern Industrial Zones, Serang, Banten - Photo by PT Waskita Beton Precast

JAKARTA (TheInsiderStories) – State-owned developer, PT Waskita Karya Tbk (IDX WSKT) will receive payments from four turnkey projects that around Rp2.52 trillion (US$178.72 million), said the director today (10/08). Previously, the company announced to earn fresh funds up to Rp30 trillion from projects using the turnkey scheme in this year.

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.

According to finance director Haris Gunawan, Waskita would receive the payment the South Sumatra LRT project worth Rp500 billion, the Kunciran – Parigi Toll Road project Rp700 billion, the Cileunyi – Sumedang – Dawuan Toll Road project Rp327 billion, and the Cinere-Serpong Toll Road Project Rp1 trillion.

In addition to the four projects, the developer will also get payment from the work of the Trans Sumatra toll road project developed by PT Hutama Karya worth of Rp13 trillion. Then, Waskita will also get payments from the Jakarta – Cikampek II Elevated toll road project with total amount Rp4.5 trillion in December 2019.

“Payments for these projects are included in the planned cash receipts from the turnkey project amounting to Rp24 trillion which were completed in 2019,” said the director in an official statement.

Along with the payment progress, he said, Waskita Karya considered to dropped the issuance of bonds worth Rp3.5 trillion in this year. Previously, the company planned to issue the bonds in two tenors, three and five years.

These bonds have received an A- rating from PT Indonesian Rating Agency (Pefindo). WSKT has appointed six underwriters, namely PT Bahana Sekuritas, PT BNI Sekuritas, PT Danareksa Sekuritas, PT Mandiri Sekuritas, PT DBS Vickers Sekuritas Indonesia and PT Indo Premier Sekuritas.

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 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: Rp14,100

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