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State firms form joint venture firm to manage Trans-Java toll road
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Vehicles pass the Cikopo-Palimanan (Cipali) toll road exit gate in Cirebon, West Java, on Dec. 23. (Antara/Dedhez Anggara)
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tate-owned toll road operator PT Jasa Marga and PT Waskita Toll Road (WTR) have established a joint venture company, PT Jasamarga Transjawa Tol, according to a statement published by the Indonesia Stock Exchange (IDX) on Wednesday.
The new company will run Trans-Java toll road services, including road construction, operation, maintenance and any other related businesses.
Jasa Marga contributed Rp 812.5 million (US$61,048) to the joint venture and owns 65 percent of the shares.
Meanwhile, WTR -- a subsidiary of publicly listed state construction firm PT Waskita Karya -- owns the remainder of the shares.
"The joint venture will ease the integration of operational management for the Trans-Java toll road," Jasa Marga operational director Mohammad Sofyan wrote in the statement.
“It will boost efficiency and improve services for customers and increase the firm's share in the Trans-Java toll road development and operations."
The price of Jasa Marga stocks opened trading day on Wednesday at Rp 5,000 apiece, unchanged from its previous closing price, Bloomberg data shows.
Currently, the stocks' one year return is minus 5.96 percent versus 18.66 percent recorded by the Jakarta Composite Index (JCI), the IDX's main gauge. (bbn)
