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View all search resultsJasa Marga pours Rp 116b into Whoosh to offset losses
According to KAI’s financial report, the Indonesian SOE consortium in Whoosh operation recorded Rp 4.19 trillion (US$258.97 million) in losses last year.
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Speedy delivery: Passengers wait for the Jakarta-Bandung high-speed rail service called 'Whoosh“ on Nov. 11, 2023, at Halim Station in East Jakarta. (Antara/Hreeloita Dharma Shanti)
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tate-owned toll road operator PT Jasa Marga has injected Rp 116.49 billion (US$7.15 million) into PT Pilar Sinergi BUMN Indonesia (PSBI) through a shareholder loan to improve the company’s cash flow.
PSBI is a consortium of state-owned enterprises (SOEs) involved in the operation of the Whoosh high-speed railway. The firm owns 60 percent of Whoosh operator PT Kereta Cepat Indonesia China (KCIC), while the remaining 40 percent is held by a consortium of Chinese state-owned firms.
According to Jasa Marga’s disclosure to the Indonesia Stock Exchange (IDX) on Wednesday, the transaction was completed on June 30.
“The transaction is conducted to fulfill the required cash deficiency support of KCIC for 2023–2024 via PSBI,” reads the disclosure statement published on Wednesday.
Read also: Whoosh losses raise doubts over Surabaya extension
Cash deficiency support (CDS), also known as operational assistance funding, is a type of financial arrangement that involves loan facilities to support infrastructure projects, particularly during their initial operational phase, to prevent a cash flow shortfall.
The transaction was recorded as a transfer of cash to “other receivables” in Jasa Marga’s consolidated financial statements, which the company stated did not affect its revenue or expenses.
