Jakarta (ANTARA) - PT Waskita Beton Precast Tbk (ticker code: WSBP) recorded a strengthening of its capital structure at the end of 2023, marked by a 68% strengthening in equity (capital deficiency) compared to 2022.

"Strengthening the capital structure is in line with the performance and financial condition improvement program after the restructuring," said Fandy Dewanto, Vice President of Corporate Secretary at WSBP.

Several factors strengthened WSBP's equity position; WSBP recorded net profits for two consecutive years and implemented corporate action for capital increases without pre-emptive rights (PMTHMETD).

After the Restructuring, WSBP recorded Net Profits for two consecutive years, namely IDR 675.77 billion in 2022 and IDR 6.30 billion throughout 2023. The Net Profit achievement contributed positively to the improvement of equity position. WSBP is committed to improving operational performance to maintain profitability by expanding sales to external markets and considering sound funding.

WSBP performed PMTHMETD corporate action on August 4, 2023, by issuing series C shares of 28,194,563,791 with a total value of IDR 1.43 trillion. This PMTHMETD had an impact on increasing the issued and fully paid-up capital from the original IDR 2.64 trillion to IDR 4.04 trillion. This corporate action implements one of the agreements in the Composition Agreement agreed with creditors in 2022.

As of December 31, 2023, WSBP also recorded an increase in the current ratio to 0.64 times compared to 0.34 times in the same period in 2022. This shows an improvement in WSBP's ability to meet the Company's short-term obligations.

"Going forward, WSBP shall perform business transformation as a step to improve the Company's liquidity and increase shareholder value," continued Fandy. WSBP is committed to implementing Good Corporate Governance and Risk Management in running its business.

Reporter: PR Wire
Editor: PR Wire
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