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Economy in brief: Cibitung-Cilincing toll-road project to start 2016
A subsidiary of state-owned PT Pelabuhan Indonesia II (Pelindo II), PT Akses Pelabuhan Indonesia (API), is expected to begin the construction of the long-awaited Cibitung-Cilincing toll road in 2016, after acquiring shares from Malaysian company PT MTD CTP Expressway, which holds concession rights in the 34-kilometer toll road
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subsidiary of state-owned PT Pelabuhan Indonesia II (Pelindo II), PT Akses Pelabuhan Indonesia (API), is expected to begin the construction of the long-awaited Cibitung-Cilincing toll road in 2016, after acquiring shares from Malaysian company PT MTD CTP Expressway, which holds concession rights in the 34-kilometer toll road.
'We expect to begin the construction in 2016 and begin to operate the toll road in 2018,' API president director Iwan Ridwan said after confirming the Conditional Share Subscription Agreement (CSSA) and Shareholders Agreement (SHA) on Tuesday.
API acquired 45 percent of PT MTD CPT Expressway shares in the concession. The Malaysian investment holding company MTD Capital Bhd and construction company PT Nusacipta Eka Pratama hold 50 percent and 5 percent, respectively.
Iwan said that the toll road is expected to help increase the efficiency of logistical activities and ease the flow of goods to Tanjung Priok Port in North Jakarta. The concession agreement on the Cibitung-Cilincing toll road was signed in 2007, but its construction is pending due to land-acquisition issues.
