WIKA, WSKT Listing Fate Hinges on Restructuring: Danantara

RRI.CO.ID, Jakarta - Danantara Indonesia has not yet decided whether PT Wijaya Karya Tbk (WIKA) and PT Waskita Karya Tbk (WSKT) will remain listed on the Indonesia Stock Exchange (IDX), as the agency overseeing state-owned enterprises (SOEs) is currently prioritizing efforts to strengthen the fundamentals of the two construction companies.

Chief Operating Officer (COO) of Danantara Indonesia and Head of the SOE Regulatory Agency (BP BUMN), Dony Oskaria, said that the companies’ underlying conditions will determine the next steps regarding their listing status.

“If these companies are fundamentally weak yet remain listed on the exchange, it will ultimately be detrimental to investors,” Dony said at the Parliament Complex in Jakarta on Tuesday, August 18, 2026, as quoted by Antara.

He added that WIKA and WSKT's listing status will depend on the outcome of their restructuring process. “The most crucial thing is to address the companies’ fundamentals. Whether they remain listed or not will be assessed as part of this resolution,” he said.

Danantara Indonesia is currently working to improve the fundamentals and financial positions of the two construction SOEs as part of a carefully executed restructuring program.

Dony emphasized that the process must result in genuinely healthy companies, not merely cosmetic improvements. “I want to do this properly; once they’ve been fundamentally restructured, they must be healthy,” he said.

Regarding the possibility of delisting, Dony noted that Danantara will evaluate all risks that arise during the transformation process. “Whether it ends up being delisted or not, that’s part of the transformation process we have to face,” he said.

He added that the restructuring is being carried out thoroughly and covers the companies’ overall condition. “We want the fundamentals to be sound,” he said.

WIKA has been on the IDX’s list of companies at risk of forced delisting since early 2025 after its stock trading was suspended for an extended period due to liquidity issues and delays in meeting financial obligations.

Meanwhile, WSKT’s shares remain suspended and have entered the potential delisting period under IDX regulations. One unresolved issue is the restructuring of the 2019 Waskita Karya Phase IV Series B Continuous Bonds III.

Danantara Indonesia reiterated that WIKA and WSKT's listing status is not the primary objective of the restructuring. The focus is on ensuring that both companies have stronger fundamentals and financial conditions so they can operate sustainably. ***