Rekind Town Hall Meeting, Reveals the Company’s Important Agenda

One event that is currently eagerly awaited by all PT Rekayasa Industri (Rekind) personnel, namely the holding of the Town Hall Meeting (Dialogue Meeting) event. The event which is usually held annually is an active communication activity between the Board of Directors and all Rekind Employees whose footing is focused on the current condition of the company. This communication network is very important and becomes the center of attention that all Rekindists have been waiting for, considering the current situation, Rekind is facing various challenges that are quite heavy and complex.

On Friday (22/7) at the Rekind Kalibata Home Office, Pancoran South Jakarta, the long-awaited activity was held. Attended directly by the President Director of Rekind – Triyani Utaminingsih, Bondan Priwastandana – Director of Finance and Human Resources (HR) and Director of Operations and Technology/Development, Yusairi who happened to be at the JTB Project Site.

Accompanied by Management and a number of leaders of Rekind’s Subsidiaries, this Town Hall Meeting
was also attended by all employees and a number of Rekind Project Managers (PM) who participated through the zoom meeting application. The main point of the activities carried out in a simple manner is the agenda for a number of important points such as company and financial performance, efficiency programs, restructuring updates and efforts made to maintain the company’s existence.

Triyani Utaminingsih emphasized that the company’s current condition is still relatively unstable. Until June 2022, the company’s service revenue is still lower than the Company’s Work Plan and Budget (RKAP). This is because the actual progress of the Jambaran Tiung Biru (JTB) and PLTU Lombok projects that Rekind is working on has not gone according to plan due to liquidity difficulties. In fact, in June 2022, there was Liquidated Damages (LD) of the Rantau Dedap Project which had a negative effect on Rekind’s equity. In addition, the realization of operating expenses is still below the expected target.

However, Bondan Priwastandana gave a positive signal regarding current year’s profit. “In consolidation, accounting for Rekind recorded a profit for the year until June 2022 of Rp. 76.4 billion. Even though this is only recorded in accounting terms, this has a positive effect on the company’s equity,” said Bondan.

Regarding the restructuring plan, Bondan emphasized that the stages of the process had changed from what was originally scheduled. One of them is related to the process of signing the Master Restructuring Agreement, which was previously targeted to be signed at the end of June 2022, has not yet reached a final agreement.

“What’s even more surprising is that the consultants recommended that Rekind position itself as a Project Management Consultant (PMC). Even though legally Rekind is listed as an integrated EPC company. This is also a special concern for us,” added Yusairi.

However, according to Triyani, various efforts will continue to be made to maintain the sustainability of the company, including by continuing to pursue change orders (CO) in a number of projects that have been carried out or are in the process of being worked on by Rekind.
On the other hand, he continued, the company also continues to push the restructuring process to reach the final stage. Management also continues to ensure that the SPI & CPI Project targets are still achieved according to the target. And no less important, Rekind can obtain new contracts for non-EPC projects and services as well as make efficiency in operating expenses and services. “We also continue to pursue payments from RDMP JO in the form of MP billable payments and share down payments. We are also negotiating with the Bank for the extension of the maturity of the Bank’s debt. Hopefully what we do is able to bring changes for the better for the company, “said Triyani.
At the end of the event there was also a question and answer session for all employees. There are 3 important points in the question and answer that develops, the first concerns the issue of employee rights and obligations. The second is the issue of health insurance and the third is the efficiency of the company. All were answered by the entire Board of Directors and Management in a straightforward and open manner. The point is whatever, the important point is referring to efforts to be able to provide the best for the sustainability of the company. “We also from the Board of Directors will always be open. Whatever we will do for the progress of Rekind, “said Triyani.