PT Waskita Karya (Persero) Tbk (WSKT) has set a target of acquiring new contracts this year to reach Rp26 trillion.

"As much as 80% of the target consists of projects originating from external markets and 20% are investment projects," said Waskita's Managing Director, Destiawan Soewardjono, through an official statement, Thursday (25/3).

He added that Waskita plans to reduce the infrastructure sector's investment portion, such as toll roads. However, to maintain business opportunities in this sector, the company has chosen to work with other infrastructure investors.

"Investments in toll roads will continue to be carried out because one of Waskita's roles is as a development agent," he added.

Furthermore, Waskita is gaining the trust to complete infrastructure projects included in the national infrastructure recovery program. To complete the entire project, Waskita needs an additional facility of Rp15.3 trillion, which will be raised through bank loans and bonds guaranteed by the government.

"With the government guarantee, Waskita's creditworthiness will increase, so that the loan interest expense will be more competitive," he said.

Currently, Waskita is conducting financial restructuring through renegotiation with bank creditors. Renegotiations began on March 4, 2021, with a renegotiation scheme proposed to bank creditors. Waskita also proposes relaxation of debt maturities, adjusting interest rates, and issuing new long-term facilities in the scheme.

"Until the end of 2020, toll road investment debt interest expense reaches Rp4.6 trillion. Waskita targets financial restructuring to be able to reduce loan interest rates and improve the company's cash flow," he said.