JAKARTA (TheInsiderStories) – PT Astratel Nusantara, a subsidiary of PT Astra International Tbk (IDX: ASII), has increased its share ownership in the Cikopo-Palimanan (Cipali) toll road to 45 percent, strengthening the company’s investment portfolio on the toll road business.

Astratel Nusantara has bought 60 percent shares of PT Baskhara Utama Sedaya (IDX: BUS) which has shares in PT Karsa Sedaya Sejahtera (IDX: KSS) and PT Nusa Raya Cipta Tbk (IDX: NRCA). Previously, Astratel acquired 40 percent shares of PT Interra Indo Resources, a subsidiary of Saratoga Investama Sedaya Tbk (SRTG).

“With this move, we are now controlling 100 percent stake in the BUS,” said President Director of Astratel Nusantara, Irawan Santoso.

BUS owns 45 percent shares of PT Lintas Marga Sedaya (IDX: LMS), the concession holder of  Cipali toll road (Cipali). With this transaction, total shares Astratel Nusantara in LMS reached 45 percent, while the remaining 55 percent LMS shares are owned by Plus Express Berhad Malaysia.

The Cipali toll road has a length of 116 kilometers (km) which is one of the longest segments in the Trans-Java toll road network. The toll road  connects the Jabodetabek and Karawang areas with western and central Java as well as being the main line of national logistic chain.

President Director of PT Surya Semesta Internusa Tbk (SSIA), Johannes Suriadjaja added KSS and NRCA as subsidiary of SSIA have received offers from Astratel Nusantara. The company received Rp2.34 trillion from KSS and Rp223 billion from NRCA

“For 15 percent payment of transaction value was received by SSIA and NRCA on May 8, 2017 while 85 percent payment of transaction value will be done by Astratel Nusantara in January 2018,” he said.

He sees this divestment in positive way because the company obtains additional capital to open new investment opportunities, especially for the expansion of industrial areas in Subang, which will be completed in 2019.

The Head of Toll Road Management Agency (BPJT) of the Ministry of Public Works and People’s Housing Herry Trisaputra Zuna said the increasing ownership of Astratel Nusantara in the operator of Cikopo-Palimanan toll road is a good signal.

“I see this as a good sign because the toll road services owned by Astratel Nusantara has always  been consistent with the fulfillment of Minimum Service Standard (SPM), which means that the services could be improved,” he said.

He said that the move made by Astratel Nusantara was a corporate action. So, the change of ownership in the Cipali toll road does not require permission from the ministry.

“They are only required to inform us that there is a change of ownership” he said.  (RF)

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