RUPO Approved: Waskita Karya Completes Debt Restructuring
PT Waskita Karya (Persero) Tbk held a Meeting of Bondholders (RUPO) on Thursday (3/9/2026). During the meeting, bondholders approved all proposals regarding the restructuring of Bond III Stage IV of 2019, including the extension of tenors.
With the approval of the RUPO results, the likelihood of lifting the suspension on Waskita’s shares has increased. The company, listed under the ticker WSKT, has committed to meeting its obligations in accordance with regulations.
Waskita Karya’s Finance Director, Wiwi Supriandum, stated that the company will continue to strengthen its financial structure by prioritising transparency and good corporate governance. Previously, Waskita also implemented a Master Restructuring Agreement (MRA) agreed upon by 21 banks.
Since late 2023, the company has successfully reduced its debt by 20.8%, bringing the total value down to Rp66.5 trillion from approximately Rp84 trillion. Waskita has also successfully reduced past-due vendor debt recorded in 2022 by 97.1% over approximately four years, from Rp2.13 trillion to just Rp48 billion as of the first semester of 2026. This figure demonstrates the company’s seriousness in fulfilling its obligations to business partners.
“We will remain consistent in meeting our remaining obligations. This step is both a responsibility and support for the partners who have helped us complete various infrastructure projects,” Wiwi said in an official statement on Friday (4/9/2026).
Past-due tax obligations have also been 100% settled. Consequently, as of 2024, Waskita Karya no longer has past-due tax debts, thereby increasing the confidence of stakeholders.
In terms of financial performance, Waskita recorded operating revenue of Rp4.92 trillion year-on-year (yoy) in the first semester of this year. This value surged by 58.49% from the same period in 2025, which was only Rp3.1 trillion.
“The increase in revenue was driven by production from the Sekolah Rakyat (SR) projects and irrigation networks from the Ministry of Public Works (PU). This achievement proves that financial restructuring is progressing alongside improvements in operational performance,” she explained.
Amid the ongoing performance improvement process, Waskita continues to be trusted to execute several strategic projects. In addition to SR and irrigation networks, these include dams, hospitals, Jakarta LRT Phase 1B, and the Presidente Nicolau Lobato International Airport in Timor-Leste.
Wiwi mentioned that the New Contract Value (NKB) collected up to June 2026 exceeded Rp5.1 trillion. This acquisition was dominated by connectivity works at 45.6%, followed by water infrastructure at 21.7%.
“We are selective in choosing projects to undertake as part of our risk management. Waskita Karya avoids turnkey or investment projects, focusing instead on projects with monthly payment schemes and down payments,” she said.
Looking ahead, Wiwi continued, Waskita Karya remains focused on recovering core operational activities by returning to its core business as a pure contractor. The company also continues to communicate with Daya Anagata Nusantara (Danantara) as the state investment manager.
“The presence of Danantara provides a new perspective for Waskita’s recovery and growth, including the optimisation of toll assets and supporting the consolidation roadmap for State-Owned Construction Enterprises,” she said.
Wiwi emphasised that Waskita Karya is optimistic that all strategic steps taken can strengthen the company’s sustainable performance and competitiveness, allowing it to play a larger role in the national economy.