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tate-owned companies PT Jasa Marga and PT Waskita Karya announced on Wednesday they had completed acquisition of the Cinere-Serpong toll road from Thiess Contractors Indonesia, an affiliate of Australia-based CIMIC Group.

The Cinere-Serpong toll road was acquired through transactions amounting to Rp 180 billion.

It is the second toll road acquired by Jasa Marga and Waskita Karya acquired from Thiess this year, following the Surakarta-Kertosono toll road in April.

The two firms announced in separate statements published on the Indonesia Stock Exchange (IDX) website that the share purchase transaction had concluded on Monday.

The transaction means that the state companies now own Thiess'€™ stakes in PT Cinere Serpong Jaya (CSJ), a company working on the construction of a toll road connecting Depok in West Java and Serpong in Banten.

Before the transactions, Thiess owned an 80 percent stake in the company, while Waskita held the remainder.

Jasa Marga, according to the statement, acquired 1.38 million CSJ shares previously owned by Thiess for Rp 110 billion. The shares are equal to a 55 percent stake in the company.

Waskita, meanwhile, injected Rp 70 billion of capital into its subsidiary Waskita Toll Road to take over its part in the project and to acquire 15 percent shares in CSJ from Thiess. Waskita Toll Road now has an around 3-percent stake in CSJ while the holding'€™s direct ownership is reduced to less than 1 percent.

The remaining 10 percent of the shares are held by Jakarta Propertindo.

Officials from the two listed firms declined to provide further details on when the project would begin construction and start operation, saying that it was too early to comment.

Previously, however, Jasa Marga said that the toll road might absorb Rp 2.2 trillion in total investment.

The highway is part of the Jakarta Outer Ring Road (JORR) II project.

With the acquisition, the consortium beat Rajawali Group-affiliated Nusantara Infrastructure and diversified conglomerate Astra International Indonesia unit Astratel Nusantara, which had both previously stated their intentions to acquire the project.

Previously in April, Jasa Marga and Waskita Karya acquired the 90-kilometer Solo-Kertosono highway project, also from Thiess Contractors. The project could cost Rp 10 trillion.

Jasa Marga holds a 60 percent stake in the project, while Waskita owns the remainder, after the two spent approximately Rp 439 billion to finance the acquisition.

President Joko '€œJokowi'€ Widodo recently asked the consortium to prepare to open the road in 30 months to support the Trans Java project, and construction is set to begin in August.

Jasa Marga president director Adityawarman said earlier that the Solo-Kertosono toll road was pivotal to support the Trans Java highway.

His company, he said, was looking to kick off the combined 114-kilometer Central Java toll road projects next year, although only 11 percent of the required land had been acquired as of the first quarter.

Waskita, meanwhile, has set a target of working on toll road projects with a combined investment of Rp 40 trillion this year.

Waskita president director M. Choliq said last month that his company hoped to secure at least two more toll road projects this year with combined investments of Rp 7 trillion to meet the target.