All new
Transformation
WSBP

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WSBP statement

Jakarta, December 2023. In connection with the BPK (Financial Audit Agency) audit report in Semester I/2023 regarding the Company, herewith

Jakarta, December 2023. In connection with the report on the results of the BPK (Financial Audit Agency) examination in Semester I/2023 regarding the Company, the Company hereby declares the following:

  1. The Company always respects all audit and inspection processes carried out by the BPK. The Company's management has also taken the necessary steps to follow up on all recommendations given by the BPK.
  2. We can convey that the Krian-Legundi-Bunder-Manyar Section 4 Toll Road Construction project ("KLBM Section 4 Project") and the Tetrapod Material Procurement project for Coastal Protection ("Tetrapod Project") are projects carried out by the Company in the period 2017 to 2020 .
  3. The Company has completed the scope of work provided by the employer as stated in the work contracts for the two projects.
  4. The employers of the KLBM Section 4 Project (PT WBW) and the Tetrapod Project (PT STL) have acknowledged the work and products provided by the Company which are documented through Minutes. However, to date the Company has not received payment for these two projects.
  5. In order to protect the Company's rights and follow up on the results of the BPK examination, the Company has requested assistance from the State Attorney at the Attorney General's Office of the Republic of Indonesia ("JPN Kejagung").
  6. The company will take the necessary steps, including legal steps to collect receivables from PT STL for the Tetrapod Project worth IDR 436,8 billion. Apart from that, the Company also asked for JPN's assistance from the Attorney General's Office in preparing a settlement scheme for the KLBM Section 4 Project worth IDR 781,5 billion.
  7. In order to prevent similar problems from occurring, the Company's management has now made improvements by implementing Governance and Risk Management Guidelines related to the internal committee review process for risk mitigation, financial analysis, to legal due diligence before the Company participates in a tender for a new project.
  8. The Company is much more selective in participating in the tender process by considering the financial capacity of the employer to ensure payments can be made on time according to the agreement.
  9. All projects carried out by the Company have an internal team review of risk mitigation and cost benefit analysis in accordance with the Company's internal procedures. Through this study, the Company wants to minimize potential risks in the project work process and avoid potential losses.
  10. The implementation of Risk Management Governance is also supported by the existence of an Integrated Risk Monitoring and Governance Committee which is responsible to the Board of Commissioners in carrying out its duties related to supervision of the management of business risks faced by the Company.

Jakarta, December 2023. In connection with a lawsuit filed by one of the creditors of PT Waskita Beton Precast Tbk ("Company"), namely PT

Jakarta, December 2023. In connection with the lawsuit filed by one of the creditors of PT Waskita Beton Precast Tbk ("the Company"), namely PT Bank DKI, through the Central Jakarta District Court on November 30 2023 with lawsuit number 800/Pdt.G/2023/PN.Jkt.Pst, The Company hereby declares the following:

  1. The Company always respects all applicable legal processes in resolving the lawsuit.
  2. Until now, the Company is still waiting story from the Central Jakarta District Court to study the details of the lawsuit submitted by PT Bank DKI.
  3. In response to this lawsuit, the Company will take the necessary legal steps in order to safeguard the interests of the Company, its Shareholders and all stakeholder
  4. It can be conveyed that PT Bank DKI is a creditor of the Company which is classified as an Other Financial Creditor in the Company Peace Agreement in accordance with the decision stipulated by the Central Jakarta District Court Number 497/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst dated 28 June 2022 .The Peace Agreement also has permanent legal force based on the Supreme Court decision number 1455 K/Pdt.SusPailit/2022 dated 20 September 2022.
  5. The Company is committed to implementing the contents of the Peace Agreement in accordance with the mandate of the District Court and Supreme Court decisions, including provisions regarding the settlement of obligations to PT Bank DKI.
  6. To date, progress in implementing the Company Peace Agreement has reached 90%, with milestone The main ones are:
    • Cash Payment via CFADS (“Cash Flow Available For Debt Service”) twice, namely on March 2 and September 27 25 with a total payment value of IDR 2023 billion, including credit interest payments to Financial Creditors (152,2 Banks that approved/supported the Peace Agreement). CFADS payments will continue to be implemented in stages every 9 months with the next stage on March 6 25.
    • Adjustment of credit agreements for nine banks that are classified as Financial Creditors Tranche A Peace agreement.
    • Issuance of Waskita Beton Precast Bonds I and II 2023 to bondholders on the Indonesia Stock Exchange in March 2023, in accordance with the provisions Tranche B Peace agreement.
    • On August 4 2023, the Company implemented debt to equity conversion phase I worth IDR 1,43 trillion through additional capital without granting pre-emptive rights (PMTHMETD) in accordance with the provisions Tranche D Peace agreement.
    • The Company will issue Mandatory Convertible Bonds ("OWK") worth IDR 1,85 Trillion on December 13 2023. OWK will be distributed to creditors who are classified as Tranche C Peace agreement.
  7. WSBP is committed to completing all obligations in accordance with the provisions of the peace agreement which has permanent legal force. The Company is committed to implementing Good Corporate Governance (Good Corporate Governance/GCG) and always ensure that all company transformation programs are realized in accordance with the post-restructuring performance recovery target.

 

 

Jakarta, June 2023. In connection with the change in the schedule for the Extraordinary General Meeting of Shareholders (EGMS) on Friday, 9 June 2023

Jakarta, June 2023. In connection with the change in schedule for the Extraordinary General Meeting of Shareholders (EGMS) on Friday, 9 June 2023 to Friday, 30 June 2023, the Company hereby conveys several things, including:

1. In order to implement the corporate action of the Peace Agreement in the form of PMTHMETD (Addition of Capital Without Providing Pre-emptive Rights) the Company has conveyed the following:
a. Announcement of Extraordinary General Meeting of Shareholders and Information Disclosure in accordance with Financial Restructuring Provisions in POJK No.14/2019 on Tuesday, 2 May 2023.
b. Changes and/or Additional Information on the First PMTHMETD Information Disclosure on Friday, June 2 2023.
c. Changes and/or Additional Second PMTHMETD Information on Wednesday, June 7 2023.

2. The Company respects the responses and input from the Financial Services Authority (OJK) regarding the Company's PMTHMETD scheme and the implementation of the EGMS which is planned for Friday, 9 June 2023. So the Company has changed the schedule for holding the EGMS to Friday, 30 June 2023.

3. WSBP Management always upholds Good Corporate Governance and always complies with the commitments stated in the Peace Agreement, and will be cooperative and open to all stakeholders.

4. WSBP management is committed to carrying out settlement of obligations to creditors in accordance with the Settlement Agreement and the provisions of applicable laws and regulations.

5. Previously, the Company had implemented a Peace Agreement through phase I debt payments to all creditors on March 27 2023, so that all creditors including all financial creditors, bond holders and all registered vendors had been successfully paid in stages according to the provisions (CFADS) . Payments will continue to be made according to CFADS provisions on the 25th of every 6th month after the decision. So the phase II payment will be made on September 25 2023.

6. In the future, WSBP Management will carry out improvement strategies to increase business sustainability so that the company's performance can be restored so that it can carry out all its obligations to creditors.

7. WSBP provides a Call Center service 1500927 (WBP) for all creditors to obtain further information regarding PKPU provisions and implementation of the peace agreement.

Jakarta, February 2023. Regarding the news regarding WSBP shares, Management would like to convey several things, including: Shares

Jakarta, February 2023. Regarding the news regarding WSBP shares, Management would like to convey several things, including:

  1. WSBP shares have been suspended for 12 months and are not included in the delisting category. However, WSBP management anticipates this risk and has taken the necessary steps to accelerate the lifting of the suspension.
  2. The company has fulfilled several requirements for opening the suspension set by the IDX, such as submitting a copy of the Supreme Court's cassation decision, fulfilling obligations to the IDX, submitting regular monthly reports to the regulator and other obligations that must be fulfilled as a public company.
  3. Currently, management is focused on obtaining approval from the General Meeting of Bondholders (RUPO) in order to carry out an Addendum to the Trustee Agreement (PWA) for PUB I Phase I and II WSBP Bonds. Approval of the RUPO which will be held on February 15 2023 is the most crucial factor in lifting the suspension. The company hopes that bondholders can agree to the proposed adjustment of the PWA to the provisions contained in the WSBP Peace Agreement. Previously, WSBP held a RUPO on November 23 2022, but the bondholders had not yet approved the proposal submitted by the Trustee and the Company.
  4. The Company is committed to immediately opening the share suspension to protect the interests of the Company's shareholders. The opening of the suspension also becomes milestone The most important thing is to carry out corporate actions mandated by creditors in the peace agreement.
  5. For information, the suspension of WSBP shares began in January 2022 when the Company was declared in Temporary PKPU status. This resulted in a default in fulfilling one of WSBP's bond interest obligations trigger suspension.

Jakarta, November 2022. In connection with the Plan to Issuance of New Shares for Converting Debt to Shares by PT Waskita Beton Precast

Jakarta, November 2022. In connection with the Plan to Issuance of New Shares for Converting Debt to Shares by PT Waskita Beton Precast Tbk ("WSBP”), hereby conveys the following matters:

  1. WSBP plans to issue new shares with a Capital Increase scheme without Pre-emptive Rights (PMTHMETD). This corporate action is carried out in the context of implementing the Peace Agreement which has permanent legal force (Inkracht) since September 20 2022.
  2. The new shares issued are aimed at settling some of the obligations to trade creditors (vendors) through a debt-to-equity conversion scheme.
  3. Implementation of the debt to equity conversion scheme will be carried out after approval for corporate actions from all regulators is obtained. PMTHMETD given to verified Trade Creditors (Vendors) by issuing shares of a maximum of 32.715.232.945 (Thirty Two Billion Seven Hundred Fifteen Million Two Hundred Thirty Two Thousand Nine Hundred Forty Five Shares). Where the number of shares to be issued will be adjusted to the Company's 45 Day VWAP value.
  4. This is a form of WSBP's commitment to the directors to fulfill the creditor rights previously agreed in the Peace Agreement.
  5. The Company will also convert its obligations to Sustainable Bondholders I Waskita Beton Precast Tbk Phase I & II Year 2019 and PT Bank DKI into mandatory convertible bonds ("OWK"). OWK will be converted into shares in the 10th year after issuance. Determination of the price for the conversion of OWK into shares will be calculated using the 45 day VWAP mechanism.
  6. Later, WSBP will also submit this corporate action plan at the Extraordinary General Meeting of Shareholders on December 14 2022 and therefore the Company will convey the information as stated in this Information Disclosure so that all Company shareholders know complete information regarding the PMTHMETD plan.
  7. WSBP management always upholds Good Corporate Governance and always complies with the commitments stated in the Peace Plan, and will be cooperative and open to all stakeholders.
  8. In the future, WSBP Management will carry out improvement strategies to increase business sustainability so that the company's performance can be restored so that it can carry out all its obligations to creditors. WSBP will be ready to contribute more to infrastructure development in Indonesia.

 

Fandy Dewanto

Corporate secretary

PT Waskita Beton Precast Tbk

Jakarta, October 2022. In connection with the peace decision / homologation of PT Waskita Beton Precast Tbk (“WSBP”), the following matters are hereby conveyed

Jakarta, October 2022. In connection with the peace decision / homologation of PT Waskita Beton Precast Tbk (“WSBP”), hereby conveys the following matters:

  1. The Supreme Court has announced the decision "Reject" on the cassation petition submitted by PT Bank DKI regarding the PKPU WSBP Peace Agreement.
  2. As a continuation of this decision, WSBP has opened a further verification process for creditors who have not participated in the verification at the initial stage. This advanced verification process has been opened and announced via mass media on October 11, 2022.
  3. Through this further verification, the company wants to give all creditors the opportunity to register their claims in accordance with the administrative requirements that have been determined. This is in line with Management's commitment to settle obligations according to the agreement with all creditors as stated in the peace agreement.
  4. With this, WSBP appeals to creditors who have met the requirements to immediately register their claims.
  5. Furthermore, to accommodate various questions related to post-homologation, the company has provided facilities call center 1500927, which functions as a trusted information center regarding the implementation of company PKPU peace.
  6. This is in line with Management's future focus on ensuring the recovery of WSBP's performance, commitment to Good Corporate Governance (GCG), and implementation of the company's business transformation which consists of 3 pillars, namely Operational Excellence, Business Nourishment, and Technology & Digitalization.

Fandy Dewanto
Corporate secretary
PT Waskita Beton Precast Tbk

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