State-owned toll road operator PT Jasa Marga plans to raise up to Rp 3 trillion (US$214 million) through the issuance of two capital market instruments to finance its infrastructure projects in the country. Corporate finance group head Eka Setya Adrianto said in Jakarta that the two instruments – a collective investment contract called infrastructure fund (DINFRA) and sharia-compliant asset-backed securities (EBAS) – would be issued before the end of the year. The company expects to raise between Rp 500 billion and Rp 1 trillion from the DINFRA and another Rp 2 trillion from the issuance of the EBAS. The funds would be partly used to finance its turnkey toll road projects worth about Rp 20 trillion, which are expected to be completed next year. "We'll use one of the trans-Java toll road concessions as the underlying asset for the DINFRA," he explained d...

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