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Jakarta Post

Waskita Toll Road sells stakes in highway segments to Hong Kong investor

  • News Desk

    The Jakarta Post

PREMIUM
Jakarta   /   Thu, December 19, 2019   /  12:35 pm
The Jakarta Post Image
Waskita Toll Road president director Herwidiakto (‘left’) and Road King Expressway International Holdings Limited chief executive officer Willy Chow (‘right’) sign a sales purchase agreement in Jakarta on Dec. 18. Under the agreement, the Hong Kong company will purchase Waskita’s 40 percent stakes in two toll road segments in Java.(The Jakarta Post/Moch. Fiqih Prawira)

After 10 months of negotiation, PT Waskita Toll Road has agreed to sell its 40 percent stakes in two segments of the Trans-Java toll road to Kings Key Limited of Hong Kong for Rp 2.5 trillion (US$178 million). “Our company will use the money from the sales to pay debts to shareholders and finance future toll road development to help achieve the government's target to build 2,500 kilometers of new toll roads [over the next five years],” Waskita Toll Road president director Herwidiakto told reporters after signing the agreement in Jakarta on Wednesday. Under the agreement, Waskita Toll Road, a subsidiary of state-owned construction company PT Waskita Karya, agreed to sell its 40 percent stake in the 90-km toll road segment connecting Surakarta in Central Java to Ngawi in East Java, which is managed by PT Jasamarga Solo Ngawi, and its 40 percent stake in an 87-km ...