WIKA and WSKT Face Potential Delisting, Danantara Focuses on Fixing Fundamentals
Chief Operating Officer (COO) of Danantara Indonesia and Head of the State-Owned Enterprise Management Board (BP BUMN), Dony Oskaria, has responded to the risk of forced delisting looming over two state-owned construction issuers, PT Wijaya Karya (Persero) Tbk (WIKA) and PT Waskita Karya (Persero) Tbk (WSKT). Dony stressed that the main priority at present is to improve the companies’ fundamental condition in real terms, rather than merely maintaining their stock exchange status without a sound financial basis.
“For me, the most important thing is the real fundamentals. If we do it fundamentally poorly and it remains on the exchange, it would also be a pity for the investors,” Dony said when met at the Parliament Complex in Senayan, Jakarta, on Tuesday (18/8).
He added that fundamental improvement is at the core of the transformation process currently underway. Regarding the status of the two companies on the Indonesia Stock Exchange (IDX), that will be decided in line with progress in resolving the existing financial problems.
“So the most important thing is to sort out the company’s fundamentals. Whether it will remain on the exchange or not, we will see as part of this resolution,” he said.
Danantara is currently working to improve the financial position of the two state-owned construction firms through a careful restructuring and recovery process. Dony emphasised that he wants to ensure the companies are genuinely healthy in depth, not just appearing good on the surface.
“I want to work properly. Once it has been fundamentally restored to health, it must be healthy. The risks that follow will of course be assessed. Whether there will be a delisting or not, that is part of the transformation process we must face,” Dony asserted.
According to him, this work is being carried out in detail, one by one, so that the companies no longer merely have a good image but possess a strong business foundation.
For information, PT Wijaya Karya (Persero) Tbk (WIKA) has been on the IDX’s potential forced delisting list since early 2025. This is the result of a prolonged share trading suspension due to liquidity problems and delays in payment of financial obligations.
Meanwhile, PT Waskita Karya (Persero) Tbk (WSKT) is also under a trading suspension and has entered a potential delisting period in accordance with Exchange Regulation Number I-N. Waskita’s condition is primarily triggered by the unresolved restructuring of the Waskita Karya Shelf Registration Bonds III Phase IV Year 2019 Series B.
On the other hand, despite facing restructuring challenges, Waskita Karya has confirmed that it will continue to expand its projects, including into international markets such as Saudi Arabia, in order to strengthen the company’s cash flow going forward.