JAKARTA (TheInsiderStories) - Conglomerate firm, PT Astra International Tbk (IDX: ASII) through its unit PT Astratel Nusantara (Astratel) has signed an agreement regarding the transfer of 40 percent shares of PT Baskhara Utama Sedaya (BUS) from PT Interra Indo Resources (Interra), unit of Saratoga Group. BUS is the holder of 45 percent stake in PT Lintas Marga Sedaya’s Cikopo-Palimanan (Cipali) toll road concession.
With Thus, Astratel effectively have an ownership interest in the LMS by 18 percent. As a whole transaction, Astratel also take over the receivables to the BUS, if the fulfillment of certain conditions, can be converted into additional shares, thereby
Astratel effective stake in LMS will be 22.3 percent.
“In addition, the investment in infrastructure is not only intended to complement and Astra Business balance, but also to realize their future goals Astra namely ‘Sejahtera Bersama Nations’ as well as long-term vision Astra 2020 ‘Pride of the Nation’, said Irawan Santoso, President Director Astratel in a press statement received by The Insider Stories.
Cipali toll road has a length of 116 km and has been fully operational since June 2015 with the period concession until July 21 2041. This segment is one of the longest segment in the network Trans Java. This toll road connecting Jakarta and Karawang region with other regions in Java and become the main line of the national logistics. Its presence is expected to develop
the economic potential of the area, thus creating a multiplier effect for welfare the community and contributes to regional and national economic growth.
With the completion of the transaction, Astratel has six toll roads through stock ownership directly or indirectly in six companies, namely PT Marga Mandalasakti managed Tangerang-Merak toll road (72.45 km), Astratel own 79.3 percent. PT Marga Harjaya Infrastructure managed Jombang-Mojokerto toll road (40.5 km), the ownership Astratel 100 percent. PT Marga Trans Nusantara managed Kunciran-Serpong toll road (11.2 km), Astratel ownership of 4o percent. PT Trans Marga Central Java owned Semarang-Solo toll road (72.6 km), ownership of Astratel 25 percent. PT Trans Bumi Serbaraja running Balaraja Serpong toll road (30 km), Astratel owned 25 percent. PT Lintas Marga Sedaya managed toll road Cikopo palimanan (116 km), Astratel has effective ownership 18 percent.
Thus Astratel joint business partner already has 342.8 km of toll road concessions and became one of the largest private enterprises in terms of the number of toll roads owned.
Astratel prepared an investment Rp 2 trillion (US$147.06 million) to develop and spend on infrastructure projects such as airport, port, industrial estate and toll road. The company joined with property developer PT Bumi Serpong Damai Tbk (IDX: BSDE) and Kompas Gramedia Group has won Serpong – Balaraja tol road’s tender in Banten Province. The project estimating needs cost up to Rp5.8 trillion.