JAKARTA (TheInsiderStories) - State owned toll road operator PT Jasa Marga Tbk (IDX: JSMR) plan to Divest minority stake in its two units in 2017, said one official. From the sale of shares the company expect to raise Rp1.4 trillion.
“We plan to Divest around 19 percent shares of JORR-W1 and up to 15 percent Transmarga in Central Java,” Finance director of toll Anggiasari Hindratmo told The Insider Stories.
The fund, She said, is part of the financing scheme to fulfill the company capital expenditure (capex) in 2017. Jasa Marga prepared capex Rp12 trillion from this year target of around Rp10 trillion.
Chief executive director of Jasa Marga Desi Arryani adding, until 2019 the company will operate 1,261 kilometers (km) of toll road from recently owned 593 km across the country. To reach the target, Jasa Marga continue to acquire new toll road conssession like Semarang - Demak in Central Java and Probolinggo - Banyuwangi toll road in East Java with a total length of 170 km.
“The other plan develop new toll road initiation by the company,” said Desi.
The company also aim to add land bank of 819 km until 2019 and at the year will pocketed concession land 2,000 km. With all the effort, She continued, the company’s assets will Reached Rp 100 trillion by 2019.
Jasa Marga has raised funds Rp1.79 trillion from the rights issue of 2.40 percent shares or equal with 457.87 million shares at Rp3,900 each. Proceed from rights issue to build Semarang - Batang toll road, Pandaan - Malang toll road and Jakarta - Cikampek II. The three projects need investment of Rp 8.0 trillion.
Currently, several projects handled by Jasa Marga such as multipurpose terminal Kuala Tanjung Port with total investment Rp3.18 trillion, Medan - Kuala Namu - Tebing Tinggi toll road Rp4.07 trillion, Depok - Antasari toll road Rp3.47 trillion, Balikpapan - Samarinda toll road Rp9.97 trillion, Pandaan - Malang toll road Rp5 .97 trillion, Manado - Bitung Rp5.12 trillion and MBR Rusunami RP 3:28 trillion, industry kuala headland region Rp8.0 trillion, trillion and Rp2.81 MBR 2×200 MW power plant Meulaboh Rp7.33 trillion with total values Rp35.06 trillion and Rp18 .13 trillion.PT Krakatau Steel Tbk (IDX: KRAS).
In this year the company targeting the revenues could reach Rp8.75 trillion and Rp10.04 trillion in 2017.