JAKARTA : Indonesia's state-owned enterprises ministry plans to top up equity investments in two construction firms by 30.5 trillion rupiah ($2.05 billion) by 2024 to help ease companies' financial troubles, an official said on Monday.The plans were unveiled in a hearing with parliament's committee overse
JAKARTA : Indonesia's state-owned enterprises ministry plans to top up equity investments in two construction firms by 30.5 trillion rupiah by 2024 to help ease companies' financial troubles, an official said on Monday.
The government wants to inject 12.5 trillion rupiah by early 2024 into Hutama Karya, which is fully owned by the government, so that it could take over two toll road projects from builder Waskita Karya, which is having trouble paying back its debt, deputy minister Kartika Wirjoatmodjo said. Trading of Waskita's securities was suspended last month for the second time this year due to the failed negotiation with bondholders.
Another 8 trillion rupiah equity injection was requested for state-controlled Wijaya Karya to strengthen its capital position, while the firm negotiates its debt, said Kartika.The ministry also requested 10 trillion rupiah for Hutama Karya in fiscal year 2024 to fund operational expenses, according to its presentation materials to parliament.
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