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Jakarta Post

State construction firm Waskita Karya to divest Rp 4t worth of assets

State construction firm Waskita Karya to divest Rp 4t worth of assets President Joko “Jokowi” Widodo (fourth left) together with Jakarta Governor Anies Baswedan (second left), West Java Deputy Governor Deddy Mizwar (left), Transportation Minister Budi Karya Sumadi (third left) and State-Owned Enterprises Minister Rini Soemarno push a button to mark the opening of the Bekasi-Cawang-Kampung Melayu (“Becakayu”) toll road in Jakarta, on Nov. 3. (Antara/Rosa Panggabean)
News Desk
Jakarta   ●   Mon, December 18, 2017 2017-12-18 19:15 1237 1f87594453bb792833e1ece3a2e059e0 1 Business WaskitaKarya,divestment,toll-road Free

State-construction firm PT Waskita Karya plans to divest assets worth Rp 4 trillion (US$294.8 million) next year.

Waskita president director M. Choliq explained in Jakarta on Monday that there were three divestment plans – selling one of its toll roads, selling several sections of its toll roads and selling shares in its subsidiary.

For the first divestment, Waskita will sell the newly launched Bekasi-Cawang-Kampung Melayu (Becakayu) toll road.

“This is the divestment type that attracts most investors,” said Choliq, as reported by kontan.co.id, adding that he would announce to the public if the deal was near being completed.

The second divestment is selling several sections of the trans-Java toll road, comprising the Kanci-Pejagan, Pejagan-Pemalang, Pemalang-Batang, Batang-Semarang, Solo-Ngawi, Ngawi-Kertosono and Pasuruan-Probolinggo sections.

All the sections would be bundled into one package, said Choliq, adding that two serious investors, state-owned toll-road operator PT Jasa Marga and PT Astratel Nusantara, were interested in this scheme.

The third divestment is the sale of shares in its subsidiary PT Waskita Toll Road with investor candidates including the Islamic Development Bank (IDB), Saudi Arabian Oil Co and Malaysia’s Khazanah Nasional, he said.

Choliq said his company had not made a decision on which scheme would come fist, but his company needed the funds to reduce its interest-bearing debt.  “Basically, we want to sell all 18 toll road sections, we have. Which one will come first depends on the investor and the price,” he added. (bbn)