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Berita Hari Ini Waskita Karya
Shares of listed construction company Waskita Karya are under pressure on Wednesday (21/02) after the Indonesian government decided to temporary halt all elevated construction projects that involve girder installations (which include projects such as flyover toll roads, bridge construction, and the light rail transit, or LRT).
State-controlled construction company Waskita Karya obtained a syndicated loan of IDR 5 trillion (approx. USD $375 million) from a group of nine banks. Sumitomo Mitsui Banking Corporation (SMBC) acts as sole mandated lead arranger and book-runner for the five-year loan, while the Bank of China (Hong Kong) Limited Jakarta branch acts as mandated lead arranger.
Indonesian state-controlled contractor Waskita Karya is also eager to see its subsidiary Waskita Toll Road conducting an initial public offering on the Indonesia Stock Exchange. On Tuesday (20/09) another unit of Waskita Karya - Waskita Beton Precast - was listed on the local bourse, raising IDR 5.16 trillion (approx. USD $394 million) hence becoming the biggest IPO in Indonesia so far this year. This year there have been few companies eager to list considering the highly volatile markets amid the weak global economy and ahead of another Fed Fund Rate hike.
Precast concrete producer Waskita Beton Precast is expected to raise IDR 5.16 trillion (approx. USD $391 million) from an initial public offering (IPO) on the Indonesia Stock Exchange. As such, the IPO of the company, a unit of listed state-controlled construction company Waskita Karya, could be the biggest offering of the past five years. After the book-building process has been completed, the price of one Waskita Beton Precast share is expected to be IDR 490 a piece. However, the final price will be announced on 1 September 2016.
Indonesian precast concrete structures manufacturer Waskita Beton Precast, a unit of listed state-controlled construction company Waskita Karya, aims to collect up to IDR 5.2 trillion (approx. USD $397 million) through an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). The company will offer some 10.54 billion new shares, or 40 percent of its enlarged capital, to investors with an indicative price that ranges between IDR 400 - 500 per share (reflecting a price-to-earnings ratio of between 20 - 25 times).
Two of Indonesia's state-controlled companies will acquire at least 11 toll road concessions (with a total length of 525.7 kilometers and combined value of IDR 53.5 trillion or approx. USD $4.1 billion) from the private sector in the next two years. Toll road operator Jasa Marga is expected to acquire four toll road projects with a total length of 262.3 kilometers, estimated to be worth IDR 18.4 trillion (approx. USD $1.4 billion). Meanwhile construction firm Waskita Karya plans to acquire seven toll road projects (with a combined length of 263.4 kilometers), take-overs estimated to require IDR 35.1 trillion (approx. USD $2.7 billion) of investment.
Today, Indonesian President Joko Widodo will lay the first stone for the groundbreaking ceremony of the 2,700 km Trans-Sumatra toll road project, linking Lampung to Aceh on the resource-rich island of Sumatra (Indonesia’s second-largest island in terms of geographic size). The toll road, which is one of the key priority infrastructure projects for the Indonesian government, is estimated to require a total of IDR 300 trillion (USD $23.1 billion) of investment. Ten years after parts of the toll road were first tendered, construction can finally commence.
Four publicly listed - yet state controlled - construction companies recorded a combined 42 percent growth (year on year) in net profit in 2013. The combined net profit of these four companies - Wijaya Karya (Wika), Adhi Karya, Pembangunan Perumahan (PP) and Waskita Karya - totaled IDR 1.74 trillion (USD $146.2 million) last year. These numbers evidence the robust growth that Indonesia's property and infrastructure sectors experienced in 2013 and is expected to continue in 2014.
Artikel Terbaru Waskita Karya
On Tuesday (12/09) shares of government-controlled construction company Waskita Karya plunged 11.27 percent to IDR 1,870 a piece, while shares of its subsidiary Waskita Beton Precast fell 8.64 percent to IDR 402 per share. Hence both companies were among the ten top losers on the Indonesia Stock Exchange yesterday. What explains this huge sell-off?
Two state-controlled companies (both listed on the Indonesia Stock Exchange) are expected to feel the positive impact of the light rail transit (LRT) in Palembang (South Sumatra), a transportation project currently under construction. These two companies are construction firm Waskita Karya and cement producer Semen Baturaja. These two companies are heavily involved in the LRT project that is estimated to cost around USD $520 million. This LRT track is supportive infrastructure for the 2018 Asian Games, to be held in South Sumatra in August 2018.
Construction company Waskita Karya is expected to be among the main beneficiaries of the multi-year Trans-Java toll road project. The company, in which the Indonesian government owns a 68 percent stake, has been assigned to develop six (out of a total of 19) sections of the Trans-Java toll road including the sections Pemalang-Batang, Solo-Ngawi and Ngawi-Kertosono. Waskita Karya's participation in this project will not only strengthen the company's investment portfolio in Indonesia's toll road sector but will also imply rising precast concrete sales of its subsidiary Waskita Beton Precast (established in 2013).
After being in negative territory for quite a while, the benchmark stock index of Indonesia (Jakarta Composite Index) finished 0.13 percent higher at the end of the trading day. In line with the major stock indices in the Asia-Pacific region, Indonesia’s main index climbed although gains were limited as investors are concerned about failed discussions between the Greek government and its creditors in the Eurozone. However, positive sentiments were still felt due to capital injections in Indonesian state-owned companies.
