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first_imgWaskita finance director Taufik Hendra Kusuma said the company had received Rp 12.5 trillion in infrastructure payments in the first half of 2020, mostly from turnkey projects.“We’ve received Rp 7.1 trillion from turnkey project payments, with the biggest portion coming from the Jakarta-Cikampek II elevated [toll road] project,” he said in a press release on Thursday.Construction on the Jakarta-Cikampek elevated toll road began in July 2017 and was inaugurated by President Joko “Jokowi” Widodo in December 2019. The elevated road spans around 36 kilometers and costs around Rp 16.2 trillion.Furthermore, Taufik said the company was also expecting a Rp 4 trillion land acquisition repayment from the State Asset Management Agency (LMAN) by the end of the year, as well as Rp 3.3 trillion from varying projects in the near future. State-owned construction company Waskita Karya’s (Waskita) maturing Rp 1.15 trillion (US$78 million) bonds have secured a BBB+ investment grade from Indonesian rating agency Pemeringkat Efek Indonesia (Pefindo).The builder is expected to collect Rp 35 trillion in project payments this year.Pefindo expects Waskita to repay its 2015 series B bond, which will be due on Oct. 16, using its internal cash obtained from construction projects, according to a Pefindo publication released on Wednesday. “We will use the funds to repay our maturing debt. Our BBB+ rating shows that Waskita can minimize any financial risks amid pressures from the COVID-19 pandemic,” he added.As of March 31, Waskita has a cash balance of Rp 6.1 trillion, compared to Rp 4.1 trillion in maturing debts and Rp 7.9 trillion in unused credit facilities, according to Pefindo.The World Bank, through its public expenditure report, had urged the government to reduce its dependence on state-owned construction companies for toll and national road development projects, as the companies are already overleveraged.According to the report, Waskita, toll road operator Jasa Marga and state builder Hutama Karya’s average liability-to-equity (LE) ratio stood at 3.8 in 2017, more than twice the average LE ratio for comparable private firms in emerging markets.Topics :last_img read more

first_img Metro Sport ReporterThursday 4 Apr 2019 7:59 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Ryan Fraser has hailed Arsenal as a ‘massive club’ (EMPICS)Bournemouth winger Ryan Fraser admits he is flattered after being linked with a summer move to Arsenal.The 25-year-old has been one of Bournemouth’s standout performers in the Premier League this season with six goals and 10 assists so far.Unai Emery, meanwhile, is looking to improve his Arsenal squad in the summer transfer window and Fraser is reportedly on the club’s shortlist.Denis Suarez has failed to impress after joining on loan from Barcelona in the January window and with Arsenal opting to not make the Spaniard’s move permanent at the end of the season, the Gunners reportedly view Fraser as an alternative signing.ADVERTISEMENT Advertisement Fraser is reportedly on Arsenal’s radar ahead of the summer transfer window (Getty Images)‘I’m not going to lie, it’s very nice,’ Fraser told Sky Sports.AdvertisementAdvertisement‘It means you are are doing something right.‘They are a huge club, a massive club.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘When you see your name thrown around you always think to yourself that you are a Bournemouth player and you try to do well.‘I’m not going to lie, you do feel good, especially when it’s a massive club.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Comment Ryan Fraser breaks silence over Arsenal transfer link Advertisementlast_img read more