PT Wijaya Karya Tbk (WIKA), a state-owned construction firm, is seeking funds of up to Rp9 trillion ($661.76 million) from a combination of a rights issue and bonds issuance in the third quarter of 2016. Part of the fund will be used for capital expenditure financing of at least Rp 6 trillion
“We are planning certain mechanisms in case the capital injections for next year don’t come through. We plan to raise funds from rights issue Rp2.8 trillion and bonds up to Rp6 trillion,” WIKA’s finance director Adji Firmantoro told DEALSTREETASIA.
He added that the company may offer up to 10 per cent of government shares, leaving it with at least a 55 per cent majority stake.