JAKARTA (TheInsiderStories) – State firm, PT Waskita Toll Road (WTR) has sold two toll roads with share swap and cash payment transaction with PT Sarana Multi Infrastruktur (SMI), the company announced today. The unit of PT Waskita Karya Tbk (IDX: WSKT), divested 20 percent shares of Semarang – Batang toll road and 34.99 percent shares owned by WTR in Cinere – Serpong toll road to SMI for Rp2.06 trillion (US$141.43 million).
The transaction divided into two phase. First transaction is divesting 13.2 percent shares of Semarang – Batang toll road with worth of Rp1 trillion and all shares of Cinere – Serpong toll road for Rp550 billion to SMI. The remaining of Semarang – Batang toll road shares with values of Rp515 billion, will be taken over by SMI in cash.
Director of Waskita, Fery Hendriyanto, said on Tuesday (04/13), in the second phase, the conversion of 4.50 percent share of WTR owned by SMI amounting to Rp1.14 trillion will be carried out not later than one year after the first stage of the transaction is completed.
“The divestment activity is our strategy to optimize the toll road concession portfolio and to support the acceleration of toll road construction completion to support the government’ plan in the infrastructure sector, especially toll roads,” adds by the CEO of WTR, Septiawan Andri in the same event.
In March 2021, 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 Waskita Toll Road for Rp824 billion. The toll road has length 61.7 kilometers and has been operated since 2016 as part of the Trans Sumatra project.
In the same month,
In the first week of March, WTR has divested 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 the toll road concession.
Waskita has announced to divesting nine toll roads in this year located in Java and Sumatra. The divestment is planned to be carried out in collaboration with the Indonesia Investment Authority and open tender scheme. its expected from the asset sales, the constructor could raises fresh funding around Rp11 trillion.Most of the proceeds will be used to refinance their obligations to the creditors and to complete the toll road project that is currently underway.
For background, the Semarang – Batang toll road is part of Trans Java project and has been fully operational since December 2018 with total length of 75 kilometers. While, the Cinere – Serpong section is part of the Jakarta Outer Ring Road 2 toll road network that connects Jakarta and South Tangerang, where section I has been operating along 6.59 kilometers of the total length of 10.14 kilometers.
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