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Jasa Marga sells stakes in trans Java concession to Salim Group
The transaction involves PT Jasamarga Transjawa Tol (JTT) which owns four trans-Java toll road sections, namely the Jakarta-Cikampek toll road, Palimanan-Kanci toll road, Semarang Sections A, B and C toll road and the Surabaya-Gempol toll road.
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A section of Jakarta-Cikampek toll road in Karawang, West Java, sees a high volume of vehicles on Dec. 23, 2023, which authorities estimate to be the peak of the 2023 year-end holiday travel. (Antara/Fakhri Hermansyah)
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tate-owned toll road operator PT Jasa Marga has sold 30.18 percent of its stakes in its subsidiary PT Jasamarga Transjawa Tol (JTT) to a consortium affiliated with the Salim Group for a price of Rp 12.82 trillion (US$845 million).
JTT owns four trans-Java toll road sections, namely the Jakarta-Cikampek toll road, Palimanan-Kanci toll road, Semarang Sections A, B and C toll road and the Surabaya-Gempol toll road.
The consortium purchasing the stake is comprised of PT Metro Pacific Tollways Indonesia Services, Warrington Investment Pte. Ltd. and PT Margautama Nusantara. After the transaction, Jasa Marga’s shares in JTT dropped to 65 percent.
Jasa Marga management said the company would maintain its position as the majority shareholder in JTT, stating that it still held full control over the management of Trans Java Toll Road operations despite the transaction, according to its statement on Thursday.
The company plans to use the capital “to optimize the level of capital structure and gearing ratio, strengthening Jasa Marga’s financial fundamentals as well as assisting the company to achieve its strategic goals”.
An extraordinary general shareholder meeting on Wednesday gave Jasa Marga the nod to carry out the corporate action and to approve the change in the capital structure of its subsidiary.
Other state-owned construction companies, including debt-laden PT Waskita Karya and PT Wijaya Karya, have also sought to divest their trans-Java toll roads in other regions to potential investors in a bid to improve their financial conditions and pay off liabilities.
