JAKARTA (TheInsiderStories) – Kings Key Ltd., a Hong Kong-based company under Road King Expressway group, has acquired 30 percent shares of Medan – Kualanamu – Tebing Tinggi toll road from PT Waskita Toll Road. The unit of The subsidiary of PT Waskita Karya Tbk (IDX: WSKT) sold the asset for Rp824 billion (US$57.22 million).
Medan – Kualanamu – Tebing Tinggi Toll has length 61.7 kilometers (km) has been operated since 2016 as part of the Trans Sumatra. President director of the seller, Septiawan Andri Purwanto, said the payment will be made in stages.
Last year, the investor has bought 40 percent ownerships in the Solo – Ngawi Toll Road and Ngawi – Kertosono – Kediri with worth Rp2.5 trillion. After the divestment, the composition of the two toll roads are Kings Key 40 percent, PT Jasa Marga Tbk (IDX: JSMR) 40 percent and PT Lintas Marga Jawa 20 percent.
Its holding, Road King, is not a new player in the toll road business. The company has managed 340 kilometers of toll roads in China since 1993. The toll road portfolio is spread across four provinces, Anhui, Shanxi, Hebei and Hunan.
In the first week of March, Waskita Toll Road has sold 20 percent shares of Semarang – Batang toll road to Samuel Asset Toll Road Management Limited Participant Mutual Funds for Rp1.5 trillion. Both has signed a conditional sale purchase agreement with the buyer on March 5. After the transaction, the toll road operator ownerships lowered from 40 percent to 20 percent in the PT Jasamarga Semarang Batang, the operator of yhe toll road concession.
This year, Waskita as a group, targeting to divest nine segments of toll road in Java and Sumatera Island after sold 2 sections in 2020.The sections are Cibitung – Bekasi, Bogor – Ciawi – Sukabumi, and Depok – Antasari toll road in West Java. Then, Cibitung – Cilincing in Jakarta, Cinere – Serpong in Banten, Pemalang – Batang, Batang – Semarang, and Krian – Legundi – Bunder – Manyar Toll Road in Central Java. Then, Medan – Kualanamu – Tebing Tinggi and Kuala Tanjung – Tebing Tinggi – Parapat in North Sumatra.
From the asset divestment, Waskita is aiming to raise funds up to Rp11 trillion. Last year, the constructor has sold the Bekasi – Cawang – Kampung Melayu (Becakayu) toll road for Rp550 billion through Danareksa Limited Participation Mutual Funds Equity Infrastructure. The underlying assets of the instrument was 30 percent of PT Kresna Kusuma Dyandra Marga, the operator of the toll road.
According to the director of Waskita Karya, Fery Hendriyanto, the builder owned 99.7 percent shares in the unit. The other assets will released through an asset swap scheme with state company, PT Taspen and PT Sarana Multi Infrastruktur.
In Sumatra, Waskita has completed the Medan – Kualanamu – Tebing Tinggi toll road, Kuala Tanjung Terminal, the Bakauheni – Terbanggi Besar toll road, the Terbanggi Besar – Kayu Agung toll road, and the South Sumatra light rapid transit projects. And, in Kalimantan and Sulawesi, the projects has been done are Balikpapan – Samarinda toll road and the Manado – Bitung toll road. And in Nusa Tenggara, the Raknamo Dam.
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