The state-owned property issuer PT Pembangunan Perumaan (Persero) Tbk\n(PTPP) has announced the results of the General Meeting of Bondholders\n(RUPO) and the General Meeting of Sukuk Holders (RUPSu) regarding the\nproposed restructuring of three of the company\u2019s debt instruments.<\/p>\n
The first RUPO addressed the PTPP Sustainable Bond III Phase I Year\n2021 Series B. The meeting was attended by bondholders representing a\nvalue of Rp534 billion, or 82.79% of the total outstanding principal of\nRp645 billion.<\/p>\n
Additionally, PTPP held a RUPSu for the PTPP Sustainable Sukuk\nMudharabah I Phase I Year 2021 Series B. In this meeting, sukuk holders\npresent represented a value of Rp97 billion, or 97% of the total\noutstanding principal of Rp100 billion.<\/p>\n
The company also conducted an RUPO for the PTPP Sustainable Bond IV\nPhase I Year 2024. Bondholders present represented a value of Rp410\nbillion, or 96.56% of the total outstanding principal of Rp424.62\nbillion.<\/p>\n
According to the meeting results, debt holders did not approve the\nrestructuring proposal to extend the tenor to 15 years until 2041 with\nan interest rate of 3.5%. This scheme would have regulated interest\npayments at 1%, with the remaining 2.5% deferred until 2041, under the\nprovision that deferred interest would become the right of the\nbondholders recorded at maturity if the bonds are transferred before\n2041.<\/p>\n
Debt holders also rejected the proposal to reduce the interest rate\nto 3.5% until the 2027 maturity, using a payment scheme of 1% interest\nwith 2.5% deferred. The deferred interest in this scheme was planned to\nbe paid upon maturity in 2027.<\/p>\n
Furthermore, debt holders rejected the proposal to postpone interest\npayments until the 2027 maturity without incurring penalties for late\npayment or default. Consequently, the restructuring proposal regarding\nthe postponement of interest payments did not receive approval during\nthe meeting.<\/p>\n
\u201cDid not approve granting power of attorney to the Trustee to sign\namendments to the Trustee Agreement and related documents to follow up\non the above decisions,\u201d as quoted from the Indonesia Stock Exchange\n(BEI) information disclosure on Thursday (3\/11\/2026).<\/p>\n
Despite this, it is noted that PTPP is included in the planned\nconsolidation and restructuring of state-owned construction companies\n(BUMN Karya) currently being managed by the Danantara Investment\nManagement Agency.<\/p>\n
This process will begin with a comprehensive financial assessment of\nPT PP. Adjustments and corrections to financial statements are required\nto ensure the company\u2019s position can be mapped transparently before\nentering the merger stage.<\/p>\n
Once the merger process is complete, restructuring will continue\nthrough corporate reorganization. This step is aimed at ensuring PT PP\ncan have a more focused business structure and optimise potential in\ncore businesses with growth prospects.<\/p>\n
The merger is also expected to increase the company\u2019s scale by\ncombining resources, capacity, and competencies. With a stronger scale,\nthe company is expected to improve operational efficiency and\neffectiveness while strengthening the competitiveness of BUMN Karya.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/ptpp-bond-restructuring-rejected-tenor-extension-denied-1788433169", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }