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View all search resultsJasa Marga to raise Rp 3 trillion from infrastructure fund, securities
PT Jasa Marga plans to raise up to Rp 3 trillion through the issuance of two capital market instruments to finance its toll road projects in the country.
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Jasa Marga plans to issue a collective investment contract called an infrastructure fund (DINFRA) and sharia-compliant asset-backed securities (EBAS) to raise funds for its toll road construction projects. (Courtesy/of Jasa Marga)
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o:p>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 during a media briefing in Jakarta on Tuesday.
It will be Jasa Marga’s second infrastructure fund after the Rp 423.5 billion DINFRA launched in May that used the Gempol-Pandaan toll road concession, part of the 1,167-kilometer trans-Java toll road, as its underlying asset. That DINFRA was the country's first-ever infrastructure fund to be issued in the market and listed on the Indonesia Stock Exchange (IDX).
A DINFRA is used to pool funds to be invested in infrastructure assets in the form of debt or equity by investment managers.
As for the EBAS, Eka continued, the company planned to use the Jakarta Outer Ring Road (JORR) as the underlying asset.
