Two state construction firms face delisting, Danantara boss responds

Two major Indonesian state-owned construction firms, PT Wijaya Karya (WIKA) and PT Waskita Karya (WSKT), are at risk of being delisted from the Indonesia Stock Exchange. This potential delisting stems from prolonged trading suspensions and unresolved financial obligations, issues that have plagued the companies for some time.

Danantara Indonesia Chief Operating Officer Dony Oskaria addressed the situation, stating that the primary focus is on rectifying the companies' fundamental financial health. "If we do it fundamentally not well, staying on the exchange will also be a pity for the investors," Oskaria remarked, underscoring that the companies' continued presence on the stock exchange is secondary to their financial recovery.

Oskaria explained that his team is diligently working on restructuring and improving the financial standing of both WIKA and WASKITA. He views delisting as a potential outcome of this necessary transformation process. "The most important thing is that this company is no longer just about having a good cover. We want its fundamentals to be truly good. That's why the work is very deep and detailed, one by one," he added.

WIKA has been on the list of potential forced delisting since early 2025 due to liquidity problems and delayed debt payments. WASKITA's shares remain suspended, and regulatory rules indicate it is also in a potential delisting period, largely because its restructuring of certain bonds has not been finalized.