JAKARTA (Yosefardi) – PT Jakarta Kyoei Steel Works (JKSW) Tbk has yet to convert Rp638 billion of debts into equity.
JKSW plans to convert its debts to Abasca Financial Ltd (Singapore) into equity. “The debt to equity conversion has yet to be implemented, because there is no agreement with investor related to costs associated with the transaction,” said JKSW CEO Muhammad Djauhari.
JKSW currently has an accumulated negative equity of Rp479 billion.
Last year, JKSW generated sales revenue of Rp86.2 billion from construction steel products, down 39.34% from 2011. The company booked net loss of Rp16.45 billion, pointing its fingers to cheap products flooding domestic market.