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Engineering & Construction

Indonesia state builder Waskita Karya to secure $1bn in new loans

Debt-ridden company also hopes to benefit from sovereign wealth fund support

JAKARTA -- Debt-ridden Indonesian toll road builder Waskita Karya on Friday secured shareholder approval for 15.3 trillion rupiah ($1.05 billion) in new loans in a fresh boost after a promise of support from the country's newly announced sovereign wealth fund.

Waskita Karya is a major state-owned construction company and the most indebted with liabilities of nearly 90 trillion rupiah at the end of December. The company posted 7.3 trillion rupiah in net losses last year, from 938 billion rupiah in net income in 2019.

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