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Waskita’s toll road projects will take 10 more years, govt says
The government, Kartika said, had assigned another state-owned construction firm, Hutama Karya, to continue the construction of the three toll roads and had given the company a capital injection of Rp 12.5 trillion (US$810.7 million).
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Deputy SOEs Minister Kartika Wirjoatmodjo (third left) attends a press conference on the dissolution of 7 state-owned enterprises at Danareksa Tower in Jakarta on Dec. 29, 2023. (JP/Divya Karyza)
T
he government has predicted it will take 10 more years to complete all of state-owned construction firm Waskita Karya’s toll road projects, as policymakers seek to save the debt-laden company from collapse.
Deputy State-Owned Enterprises (SOEs) Minister Kartika “Tiko” Wirjoatmodjo said on Friday that the estimate included both the construction and divestment of Waskita’s projects.
They are the Kayu Agung-Palembang-Betung Toll Road in Palembang, South Sumatra; the Bekasi-Cawang-Kampung Melayu (Becakayu) Toll Road in Greater Jakarta; and the Krian-Legundi-Bunder-Manyar (KLBM) Toll Road in East Java, part of the Surabaya-Mojokerto Toll Road.
The government, Kartika said, had assigned another state-owned construction firm, Hutama Karya, to continue the construction of the three toll roads and had given the company a capital injection of Rp 12.5 trillion (US$810.7 million).
“We, as shareholders, made a capital deposit through HK [Hutama Karya] for the toll road projects. These toll roads must be completed and, one day, divested. We hope that 10 years will be enough to complete and divest the toll roads,” he told reporters at a press briefing in Jakarta.
Read also: Debt-laden Waskita Karya lays off 500 workers in efficiency drive
In the meantime, he continued, the government would work to resolve Waskita’s liabilities to its bondholders, a undertaking that Kartika acknowledged had yet to see significant progress.
