Jakarta, IDN Times – PT Wijaya Karya (Persero) Tbk (WIKA) is setting its sights on lifting the suspension of its shares on the Indonesia Stock Exchange (BEI) by the second half of 2026. The state-owned construction giant has been facing a trading halt since February 18, 2025, a measure imposed by the BEI due to the company’s failure to meet its debt obligations.
Agung Budi Waskito, WIKA’s President Director, expressed confidence in the company’s recovery trajectory during a media briefing in North Jakarta on Monday, April 6, 2026. “Our target is for the suspension to be lifted in the second half [of 2026],” Waskito stated, highlighting the urgency and strategic importance of this milestone for the company.
WIKA Pursues Debt Repayment This Year Amid Restructuring Efforts
The suspension on WIKA’s shares was a direct consequence of its inability to service debt obligations to both creditors and bondholders. To address this, Agung Budi Waskito revealed that WIKA plans to commence debt repayments this year, following the successful conclusion of its ongoing debt restructuring agreements with banking institutions and bondholders. The company anticipates finalizing these crucial restructuring talks, encompassing banks, bonds, and sukuk, by the first half of 2026. “Hopefully, with the completion of the restructuring with banks, bonds, and sukuk in the first half, we can then shift our focus in the second half to fulfilling our obligations in line with the agreements made,” Waskito added.
A look into WIKA’s 2025 financial report sheds light on the significant debt burden it faces. As of that period, the company’s short-term liabilities included Rp 80 billion in medium-term loans, Rp 879.71 billion in long-term loans, Rp 1.44 trillion in bonds, and Rp 1.12 trillion in sukuk. The long-term liabilities were even more substantial, comprising Rp 1.54 trillion in medium-term loans, a staggering Rp 20.44 trillion in long-term loans, Rp 6.55 trillion in bonds, and Rp 1.15 trillion in mudharabah sukuk.
Strategic Shift: Focusing Funds on Operational Excellence
Explaining the company’s strategy, Agung Budi Waskito noted that while debt repayment is now a priority, WIKA had previously concentrated on operational needs. This strategic focus allowed the company to ensure the continuity and progress of its ongoing projects. As an example, Waskito cited the successful execution of the HBR 2 Toll Road project. “The reason we focused on operations first is to demonstrate how the progress of the HBR 2 Toll Road, thankfully, was not hampered. We were able to execute such a large project well,” Waskito explained, emphasizing WIKA’s capabilities in project delivery despite its financial challenges.
WIKA Achieves Significant Debt Reduction of Up to Rp 3 Trillion
Despite the substantial liabilities, WIKA’s 2025 financial report highlighted notable improvements in its financial health. The company successfully reduced its financial expenses by 9.59 percent, from Rp 3.28 trillion in 2024 to Rp 2.97 trillion last year. Total corporate liabilities also saw a significant decrease of 6.07 percent, or Rp 3.13 trillion, shrinking from Rp 51.59 trillion in 2024 to Rp 48.46 trillion in 2025. Further bolstering its financial position, WIKA recorded a reduction in trade payables by Rp 1.79 trillion and interest-bearing debt by Rp 2.08 trillion, representing declines of 29.5 percent and 5.9 percent respectively compared to the previous year.
Beyond its commitment to operational excellence and capital structure improvements, WIKA has actively pursued an 8-step financial recovery program. This comprehensive plan includes accelerating the resolution of receivables through legal mediation and enhanced collection efforts. Consequently, the company successfully reduced its receivables by Rp 1.89 trillion, a 29.2 percent decrease, bringing the total to Rp 4.58 trillion. Additionally, the value of work-in-progress construction was lowered by Rp 1.15 trillion, or 34.6 percent, in 2025. Waskito concluded, “We have also carried out government assignments well. This means that in terms of cash capability, WIKA is actually better than before. In fact, in 2025, we even saw a quite significant debt reduction, up to Rp 3 trillion.” This positive momentum positions WIKA on a clearer path toward financial stability and the eventual lifting of its stock suspension.