Waskita Beton Precast (WSBP) IPO increases its capital to IDR 7.06 trillion. The rising capital reduces the debt to equity ratio (DER) from 0.9% to 0.3%.
MC Budi Setyono, the Director of Finance from WSBP, said that the decline made a healthier balance sheet. The IPO of IDR 5.16 trillion will be used to fund the capex by 44% while the remaining 56% will be for the work capital.
WSBP has IDR 1.7 trillion of debt that will be due date in 2017. Budi said that the IPO fund will not be used to pay the debt. “We will pay by internal cash flow from the acquired contract,” said Budi.
WSBP recorded new contract of IDR 7 trillion, reaching IDR 7.6 trillion until August 2016. Jarot Subana, the President Director of WSBP said that they were optimist to exceed the target to IDR 8 trillion.
On Tuesday (20/9) stock market, WSBP fell by 0.93% to IDR 535. (*)
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