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UPDATE 1-Indonesia stock exchange suspends Waskita Karya's shares, bonds

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds bond details in paragraph 5, 6) JAKARTA, Feb 16 (Reuters) - The Indonesia Stock Exchange (IDX) said on Thursday it had suspended trading in the shares and bonds of state-controlled construction company, Waskita Karya , due to a delay in coupon payments. IDX said in a statement the decision was taken due to a delay in the coupon payment for Waskita Karya's bonds maturing in 2024. The company said in a statement the delay was due to its ongoing restructuring programme and a related comprehensive review.


"During this review process, the company will propose a standstill to lenders and bondholders as a form of equal treatment on our working capital loans and bonds," Ermy Puspa Yunita, Waskita's corporate secretary said in a statement. Waskita delayed the interest payment for its 1.3 trillion rupiah ($85.67 million) IDR bonds, which were issued in 2019 and will mature in May, 2024. The company has 2.3 trillion rupiah worth of bonds that will mature on February 23, according to its latest financial results.


Indonesia's largest construction company is holding a meeting of bondholders on Thursday and Friday. Waskita hopes the suspension will be lifted after they secure a standstill agreement from bondholders. ($1 = 15,175.0000 rupiah) (Reporting by Fransiska Nangoy, Stefanno Sulaiman, Gayatri Suroyo Editing by Ed Davies)

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