The Ministry of State Enterprises is not worried that WIKA will not receive PMN 2024, JAKARTA – The BUMN Ministry does not want to worry about the cancellation of PT Wijaya Karya (Persero) Tbk. (WIKA) won a public equity participation (PMN) in 2024. In fact, BUMN Minister Eric Tohir proposed to WIKA to receive IDR 8 trillion worth of PMN.

The Special Headquarters of BUMN Minister Arya Mahendra Sinulinggi said that the government definitely intended not to include the name WIKA in the list of PMN 2024 recipients. He also said that WIKA is still focused on completing the restructuring process.

“Yes, it’s okay, so there are calculations. Let’s look at consolidation first. This means that the financial consolidation was successful in the first place,” Arya said at a meeting in the building of the Ministry of GP on Tuesday (August 29, 2023).

Earlier, in contact with the special headquarters of the Minister of Finance for strategic communications, Justinus Prastovo said that the government is currently carrying out restructuring both as a whole and individually for BUMN Karya, including WIKA.

“Therefore, it is impossible to determine the needs of shareholders in financing, including the need for state participation in the capital,” he said. Businesssome time ago.

Prastovo added that the government has allocated funds for a reserve post that can be used to restructure BUMN Karya. However, these efforts continue to take into account other potential needs.

BUMN Minister Eric Tohir once suggested to the Ministry of Finance that WIKA receive 8 trillion Indonesian Rupiah PMN to improve the capital structure. This proposal was presented by Eric during an internal meeting with President Joko Widodo in April 2023.

Following an internal meeting with the President, Eric revealed plans for additional Rs 25.06 trillion PMN to be given to Rs 12.5 trillion to Hutama Karya, Rs 8 trillion to WIKA and Rs 3.56 trillion to IFG.

The PSSI General Chairman also revealed that the PMN plan for WIKA was actually proposed to be included in the 2023 budget. However, the Ministry of Finance has decided that this capital injection will be included in next year’s budget.

However, everything did not go according to plan. Based on Book II of the Financial Notes and the 2024 State Revenue and Expenditure Budget (RAPBN) draft, WIKA’s name is not listed as an infrastructure public enterprise receiving PMN in 2024.

Referring to the report, it is known that the total PMN of the infrastructure cluster in 2024 will reach IDR 14.4 trillion. Of this amount, PT Hutama Karya (Persero) was the largest beneficiary of IDR 12.5 trillion for the completion of a number of toll road projects.

The rest of the funds were transferred to PT Sarana Multigriya Financial (Persero) or SMF in the amount of IDR 1.9 trillion. This capital is intended to support the financing of 166,000 KPR FBO apartments and to encourage decent and affordable homeownership for people on low incomes.

BUMN II Deputy Minister Karthika Virjoatmojo stated that the PMN for WIKA aims to strengthen capital. It is believed that WIKA is in need of PMN due to financial difficulties and stress. stagnation or deferral of bank debt payments.

It is known that WIKA applied for a deferral of payments on a bank loan to reorganize the debt and strengthen the capital structure. The move comes after a net loss of IDR 521.25 billion in the first quarter of 2023.

WIKA’s losses even rose to IDR 1.8 trillion in the first half of 2023. In fact, the company still earned a net profit of IDR 9.25 trillion, up 28.81 percent year on year.

However, a number of problems depend on the performance of WIKA. For example, the cost of funding increased from IDR 550.22 billion to IDR 1.23 trillion in the first semester of 2023. It also resulted in pre-tax losses reaching IDR 1.98 trillion.

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