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Hong Kong company to acquire two of Waskita’s toll roads
Waskita expects to receive at least Rp 2 trillion from the sale of two of the toll roads it operates.
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Vehicles pass over a section of the Cikampek toll road in West Bekasi, West Java. Waskita Toll Road plans to sell two of its toll roads to a Hong Kong-based property company. (The Jakarta Post/P.J. Leo)
Hong Kong-based property giant, the Road King Infrastructure Group, is to acquire two toll roads currently owned and operated by PT Waskita Toll Road (WTR), a subsidiary of the state-owned construction company PT Waskita Karya Tbk (Persero).
President director Herwidiakto acknowledged the company had been in talks with a Hong Kong-based property firm about the planned divestment of its shares of the Solo-Ngawi toll road and Ngawi-Kertosono toll road. The two toll roads crossed Central Java and East Java.
When asked for details about the investor, Herwidiakto refused to reveal much, saying that the would-be buyer was a property firm that wanted to expand into the infrastructure business.
"We're still talking about the terms of the deal, but we expect to announce the deal soon," he told the press in Jakarta on Friday.
He explained that Waskita Toll Road owns a 40 percent stake in each toll road. Herwidiakto also said that the company expected to gain at least Rp 2 trillion (US$142.85 million) from the divestment.
Previously, Waskita Karya finance director Haris Gunawan said the company was planning to divest five toll road concessions in the next two years. The company expected to gain from Rp 7 trillion to Rp 8 trillion in total from the sales.
