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Ministry-backed financing firm acquires stake in Bocimi toll road from debt-laden Waskita
The ministry’s Sarana Multi Infrastruktur (SMI) will control 25 percent of TJT, which was previously owned wholly by Waskita Toll Road, a subsidiary of debt laden state-owned construction firm Waskita Karya.
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President Joko "Jokowi" Widodo waves during a visit to the Bogor-Ciawi-Sukabumi (Bocimi) toll road construction site in Bogor, West Java, on June 21, 2017. People had gathered nearby to see the President as he toured the site. (Kompas.com/Fabian Januarius Kuwado)
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Finance Ministry-backed infrastructure financing firm has acquired a stake in Trans Jabar Tol (TJT), the concession owner for the Bogor-Ciawi-Sukabumi (Bocimi) toll road in West Java.
After the deal is signed on Thursday, the ministry’s Sarana Multi Infrastruktur (SMI) will control 25 percent of TJT. Previously, TJT was wholly owned by Waskita Toll Road, a subsidiary of debt laden state-owned construction firm Waskita Karya.
According to a statement, the partnership between both state-owned enterprises (SOEs) will help ensure the toll road receives sufficient financing to finish the project.
However, the statement did not disclose details about the transaction, such as how much SMI will pay for the stake in TJT.
"The stake acquisition shows commitment from SMI and Waskita to support the national strategic project (PSN),” SMI president director Edwin Syahruzad explained in the statement.
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Waskita Karya president director Muhammad Hanugroho said in the statement that the partnership would help the firm in its debt restructuring process.
