Trading of securities of the state-controlled firm at the Indonesia stock exchange has been suspended since May after the company failed to secure bondholders' approval to postpone payments on its other rupiah-denominated bonds, due August 2023.

The company has been talking to creditors to restructure its debt, after its finances came under pressure after taking on big government-led infrastructure projects and the impact of the COVID-19 pandemic.

Waskita failed to obtained approval for a 3-month payment delay on bonds issued in 2018 worth 2.3 trillion rupiah ($154 million), which carry a 8.25% coupon, according to data from Indonesia's Central Securities Depository.

However, the company got an approval to pushback by three months payments for coupons on its bonds maturing September 2023. The coupon payments were originally due June 28.

Waskita's spokesperson did not respond to request for comment.

The company had 21.24 trillion rupiah worth of short term liabilities as of end-March, its financial statement showed.

Kartika Wirjoatmodjo, deputy state-owned enterprises minister earlier this month said the government has ordered another state-owned builder Hutama Karya to take over some of Waskita's toll road projects.

After Waskita's debt restructuring, the government plans to transfer its 75.35% stake in Waskita to Hutama Karya, he said.

($1 = 14,940.0000 rupiah)

(Reporting by Stefanno Sulaiman; Editing by Gayatri Suroyo & Shri Navaratnam)