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Jasamarga Transjawa to go public next year
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Several vehicles pass a section in the Solo-Ngawi toll road in Ngemplak, Boyolali in Central Java in this file photo. PT Jasamarga Transjawa Tol plans to offer its shares to the public next year. (Antara/Aloysius Jarot Nugroho)
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T Waskita Toll Road, a subsidiary of state-owned construction company PT Waskita Karya, and state-owned toll road operator PT Jasa Marga, are set to release some shares of their new joint venture firm, PT Jasamarga Transjawa Tol, to the public.
Waskita Toll Road president director Herwidiakto said even though both companies had yet to set an exact timeframe, they expected to hold the initial public offering (IPO) next year.
“Currently, we are still examining and valuating this joint venture,” Herwidiakto said over the weekend as reported by kontan.co.id.
Read also: State firms form joint venture firm to manage Trans-Java toll road
Herwidiakto denied speculation that funds earned from the IPO would be used to finance toll road projects carried out by Jasa Marga and Waskita Toll road. Instead, the move would strengthen the capital structure of the new firm and allow for flexible operation, he added.
“We [Jasa Marga and Waskita Toll Road] still have enough funds until mid-2018 because we will sell finished or nearly finished toll projects [to other parties],” Herwidiakto said.
Waskita Toll Road and Jasa Marga are currently focusing on the Trans-Java toll road project with a goal to complete it before next year’s Idul Fitri exodus, which will take place in June. (dea/lnd)
