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Jakarta Post

Jasa Marga agrees to buy 21.24% stake in Cinere–Jagorawi

  • Raras Cahyafitri

    The Jakarta Post

Jakarta   /   Thu, August 9 2012   /  09:56 am

State-owned highway company PT Jasa Marga has signed a deal to buy a 21.24 percent stake in PT Translingkar Kita Jaya, the operator of the Cinere–Jagorawi toll road.

In an announcement published on Wednesday, Jasa Marga said that it had signed the acquisition agreement on Monday.

The company acquired a 18.14 percent stake, or 76,208 shares, from state-owned construction frim PT Waskita Karya, and acquired another 3.1 percent, or 13.000 shares, from its 99 percent subsidiary, PT Jalantol Lingkarluar Jakarta.

With a valuation of Rp 1.55 million per share, the acquisition is worth Rp 137.93 billion in total.

“Funds for the acquisition were sourced internally,” Jasa Marga finance director Reynaldi Hermansjah said on Wednesday. According to its financial report, Jasa Marga has Rp 4.14 trillion in cash and cash-equivalents as of the end of June.