PT Waskita Karya, Indonesia’s top state-owned construction firm, is set to sell its shares in two toll roads this year to state-owned infrastructure financier PT Sarana Multi Infrastruktur (SMI) to raise capital and pay off debt.
Waskita, through subsidiary PT Waskita Toll Road (WTR), will sell a 20 percent share in the Semarang–Batang toll road in Central Java and 35 percent share in the Cinere–Serpong toll road in Greater Jakarta. The shares are collectively worth Rp 2.02 trillion (US$138.1 million).
SMI will pay for the two toll roads by disbursing Rp 515 billion in cash and by share swapping its 6.12 percent ownership in WTR worth Rp 1.5 trillion. The transactions are inked under a conditional sale purchase agreement (CSPA) signed on Monday.
In other words, Waskita will gain a larger ownership of WTR and Rp 515 billion in fresh funds...
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