Jakarta, March 2024. In compliance with the Composition Agreement, PT Waskita Beton Precast Tbk (ticker code: WSBP) has successfully fulfilled its payment commitment to creditors by completing the third phase of payment obligation through the Cash Flow Available for Debt Services (CFADS) on Monday, March 25, 2024, precisely six months after the second payment.

"We have successfully disbursed CFADS phase three payments to all creditors, totaling IDR76,4 billion in nominal value," said Asep Mudzakir, Director of Finance and Risk Management at WSBP.

The third phase of payments will be executed as outlined below: (1) Settlement of financial creditor (banking) interest payments totaling IDR36,6 billion; (2) Redemption of coupon payments for Waskita Beton Precast I & II Bonds Year 2022 amounting to IDR3,3 billion; (3) Disbursement to all trade creditors (vendors) enlisted in the Suspension of Debt Payment Obligation (PKPU) totaling IDR36,5 billion.

The company allocate additional CFADS IDR 8,30 billion divided in pro rata basis to all creditors. The CFADS was sourced from cash proceed of auctioning non-productive assets conducted by the Company on March 14, 2024.

The third phase of payment will be completed according to the agreed-upon timeline, substantiating WSBP's improved financial standing following the restructuring. WSBP remains dedicated to meet all creditor obligations punctually in compliance with the Composition Agreement. "WSBP is scheduled to make the subsequent CFADS payment on September 25, 2024, which aligns with the six-month interval following the third payment," he said.

In the fulfilment of these responsibilities, WSBP will consistently implement business transformation initiatives aimed at General Process Optimization and External Market Penetration through (1) Emphasizing production efficiency and streamlining administrative costs, (2) Enhancing liquidity, and (3) Implementing digitalization in marketing.

WSBP aims to achieve enhanced performance in the future by pursuing new project tenders and establishing favourable payment conditions. Additionally, the company is dedicated to upholding strong good corporate governance and risk management practices throughout its business and operations to facilitate the execution of strategic work programs.