Wijaya Karya Faces Financial Challenges Amid High-Speed Rail Project

Financial Performance Impact

PT Wijaya Karya Tbk (WIKA) is navigating through significant financial challenges primarily due to its involvement in the Jakarta-Bandung high-speed rail project, also known as Whoosh. The company's financial performance has been adversely affected by its 32% stake in PT Pilar Sinergi BUMN Indonesia (PSBI), the consortium responsible for managing the project ⁵

. WIKA's investment in PSBI amounts to Rp 6.1 trillion, which has resulted in substantial losses due to the project's underperformance ¹

Source 1

https://investasi.kontan.co.id/news/restrukturisasi-utang-wijaya-karya-wika-bakal-mra-lagi-tahun-2026

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Source 5

https://finance.detik.com/bursa-dan-valas/d-8207000/wika-buka-bukaan-upaya-buka-gembok-saham

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Disputed Claims and Financial Restructuring

WIKA is currently embroiled in a dispute with Kereta Cepat Indonesia-China (KCIC) over unpaid claims amounting to Rp 5.01 trillion related to cost overruns on the high-speed rail project ⁴

. The company has initiated arbitration proceedings in Singapore to resolve this matter. In a related development, WIKA is planning to undertake another round of financial restructuring in 2026 through a Master Restructuring Agreement (MRA), building on the initial restructuring done in 2024 ²

Source 2

https://finance.detik.com/bursa-dan-valas/d-8206914/wika-tagih-utang-proyek-kereta-cepat-ke-kcic-rp-5-t

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Regulatory Impact and Stock Suspension

The company's financial woes have attracted regulatory attention, with the Indonesia Stock Exchange (BEI) suspending trading of WIKA shares due to concerns over the company's ability to meet its financial obligations, particularly the delayed payment of Sukuk Mudharabah worth Rp 3.4 trillion that matured on November 3, 2025 ³

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Path Forward

WIKA management has been engaging with various stakeholders, including the BEI and financial creditors, to address these challenges. The company is working to improve its financial health through restructuring efforts while pursuing resolution of the disputed claims with KCIC. The outcome of these initiatives will be critical in determining WIKA's financial stability and operational capacity moving forward.