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tate-run construction company PT Waskita Karya says it hopes to secure at least two more toll road projects this year with combined investments of Rp 7 trillion (US$525.53 million).

The additional toll road projects will help the company meet its target of working on toll road projects with a combined investment of Rp 40 trillion in 2015.

Waskita president director M. Choliq said the company was currently planning a number of projects to include on its toll road portfolio, and was looking to bid for up to six more project tenders before the end of the year.

The move, Choliq said, was to help the publicly listed firm meet its target of Rp 40 trillion in investments in toll road projects.

'€œUp to now we have secured some projects with investments amounting to around Rp 33 trillion. Thus, we need to acquire two or three more projects this year to achieve our target,'€ he told reporters in a press conference on Wednesday.

'€œWith a winning ratio of around 50:50, we have to join four to six [more project] tenders to meet the target.'€

Choliq declined to name the projects, but added that the company would focus on working on toll roads in Java and Sumatra.

The toll road projects the company has been working on are the Medan-Kualanamu-Tebing Tinggi toll road, Depok-Antasari toll road connecting the West Java municipality to South Jakarta and the Pejagan-Pemalang toll road in Java'€™s northern coastal area. Waskita holds a 30 percent stake in each consortium.

The company has 40 percent ownership of the Solo-Kertosono toll road, stretching across Central Java and East Java, and another 40 percent in the Kertosono-Ngawi toll road in East Java. The two toll roads are connected and span around 90 kilometers. In April, the toll roads began to be operated by a joint venture between Waskita and toll road operator Jasa Marga, after the state-run firms acquired the projects from Thiess Contractors Indonesia.

Waskita, as previously reported, is looking to have 400 km of toll road operating by 2018, having established a subsidiary to manage its toll road projects last year.

Waskita is also currently initiating a 125 km toll road connecting Kuta, located in the southern part of Bali, and Lovina, in the island'€™s northwestern area.

The investment is expected to hit Rp 40 trillion and the project is expected to be finished in 2018. At this point though, the project is still in the planning stage.

The construction firm will finance its toll road investment project from its coming right issue, which is expected to be carried out later this month.

Waskita is among 34 state-owned enterprises under the State-Owned Enterprises Ministry, which will obtain a combined capital injection of Rp 31.52 trillion through a right issue scheme.

The company has been allocated Rp 3.5 trillion in state funds, and will be offered 27 percent of its enlarged capital in the equity offering.

There will be 3.65 billion shares released, priced at Rp 1,450 a piece, meaning the company will pocket around Rp 5.3 trillion from the right issue, including from the government.

Bahana Sekuritas, Danareksa Securities and Mandiri Sekuritas have been appointed as underwriters of the issuance.

Shares of Waskita '€“ listed under the code WSKT on the local stock exchange '€“ rose by 1.5 percent to close at Rp 1,670 a piece in Wednesday'€™s trading.

As previously reported, Waskita might pocket up to Rp 48.8 trillion in new contracts this year once the right issue is realized, far above its initial contract target this year of around Rp 20 trillion. As of Wednesday, the company pocketed Rp 5.75 trillion.