The Extraordinary General Meeting of Shareholders (EGMS) of PT WIJAYA KARYA (Persero) Tbk (WIKA) held on Friday (13/10) in Jakarta approved the Company's restructuring proposal. This proposal is based on a comprehensive study in accordance with the aspects guided by the Regulation of the Minister of State-Owned Enterprises of the Republic of Indonesia Number PER-2/MBU/03/2023 concerning Guidelines for Corporate Governance and Significant Corporate Activities of State-Owned Enterprises Article 122.
President Director of WIKA Agung Budi Waskito (BW) said that this Restructuring was taken amidst high challenges in the Company's financial condition and became a strategic step taken to strengthen WIKA's steps in running its business sustainably.
The Company's Restructuring method will be taken through 8 streams, namely: Financial Restructuring, Improvement of Corporate Governance and Risk Management, Acceleration of Receivables Liquidation, Asset Recycling in accordance with the business model, Refocusing Orderbook Portfolio, Operating Expense Efficiency, Decrease in Supply Chain Financing Balance and Strengthening Capital Structure.
This Restructuring method is then described into a transformation principle consisting of 3 pillars, namely focus on cash, project execution excellence and portfolio balancing based on a lean organization approach, risk management and digitalization
"The commitment to transformation can be seen from the implementation of Enterprise Resources Planning (ERP) based on the SAP platform, selective project selection and focus on projects with routine payment schemes, as well as the application of the four eyes principle in the application of risk management for project control and management and the formation of a Special Asset Management unit," said Agung BW.
Furthermore, Agung BW said that the approval from shareholders reflects a shared vision and support for the Company's transformation steps to be able to recover, grow sustainably, and continue its role as an Indonesian development agent whose impact continues to be felt by the community.
"The Company is committed to realizing these transformation steps, so that the trust given by the public can be answered well," concluded Agung BW.