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Jakarta Post

Wika to inject Rp 1.13t for new subsidiary

  • Prima Wirayani

    The Jakarta Post

Jakarta   /   Thu, February 23 2017   /  02:05 am

State-owned construction firm PT Wijaya Karya (Wika) will gradually inject Rp 1.13 trillion (US$84.4 million) worth of capital to establish a new toll road operator subsidiary as it aims to tap into the lucrative business.

Wika is set to hold majority shares in the future subsidiary, proposed to be named PT WIKA Serang Panimbang (WSP), after placing 80 percent of the latter’s paid capital, according to a statement submitted to the Indonesia Stock Exchange (IDX) on Wednesday.

The remaining 15 percent of the shareholding will be owned by state construction firm PT PP, while another 5 percent will be controlled by industrial estate management company PT Jababeka Infrastruktur (JBIS).

The move by Indonesia’s major construction firm follows the current administration’s nationwide infrastructure development plan, including 1,000 kilometers of new toll roads by 2019. ...