Waskita Karya TBK (WSKT) obtained a syndicated loan amounting to IDR 5 trillion from several banks led by Bank Sumitomo Mitsui Indonesia. The loan will be used to support the company’s operations in working on infrastructure projects.
Bank Sumitomo Mitsui Indonesia (SMBC) became the sole mandated lead arranger and bookrunner in this syndication. Meanwhile, Bank of China Limited Jakarta Branch acts as mandated lead arranger while Bank KEB Hana Indonesia, Bank Permata Tbk (BNLI) and Bank OCBC NISP Tbk (NISP) become lead arrangers. The five-year tenor loan has JIBOR plus 2.77 percent interest rate or approximately 7.7 percent.
M Choliq, President Director of WSKT, said that the company requires IDR 120 trillion to finance the 1,250 km toll road project, 500 KV power transmission in Sumatra and 24 km of LRT Palembang. The funding requirement will be fulfilled from IDR 80 trillion loan and the company’s capital amounting to IDR 40 trillion.
Until the first week of September 2017, the company has booked a new contract worth IDR 43 trillion or 71.67 percent of the total new contract target amounting to IDR 60 trillion. The new contract is dominated by the toll road construction projects.
In the first trading session on Monday (18/9), WSKT rose 1.1 percent to IDR 1,835. (*)