JAKARTA (TheInsiderStories) – Toll road manager, PT Citra Marga Nusaphala Persada Tbk (IDX: CMNP) have a plans to offer new shares with total amount of Rp3.16 trillion (US$213.51 million), said the management. The issuer plans to releases 1.81 billion new shares or 33.33 percent of enlarged and paid up capital with total amount Rp1.39 trillion.
In addition, the company also issued 1.81 billion warrants with an exercise price of Rp980 per unit and possible to raises Rp1.77 trillion. PT Raja Berkah Tentram become the standby buyers of the rights issue. At the end of 2019, the parent was still hold 7.59 percent of the company shares.
Currently, the company operated Depok – Antasari toll road in a Great Jakarta areas and will operates Cileunyi – Sumedang – Dawuan toll road in West Java. Citra Marga is in fifth position in the toll road business industry and managed roads with length of 142.95 kilometers.
The company said that the proceeds from the issuance of new shares would be used for business expansion of toll road development. With the fresh funds, it is hoped that business development to increase the interconnectivity of metropolitan areas can be carried out.
Last year, Citra Marga has announced to build second Harbour Road Road with an investment of Rp4 trillion in the second quarter of next year. The investment is part of this year’ capital expenditure of Rp6.35 trillion. The director, Djoko Sapto, said that the 9.67 kilometer toll roads connected Pluit to Ancol will operate in 2022 with the total investment of Rp13.55 trillion.
To date, the firm has obtained a license to build the project, so it will begin the construction next year. While, in the construction process, the firm will engage PT Wijaya Karya Tbk (IDX: WIKA). While, the source capital expenditure will be derived from several instruments such as contractor pre-financing, bank loan and internal cash.
The government is continuously working to realize an effective and efficient national transportation system to improve the mobility of goods and services. In an effort to support the national logistics system, the Government implements a policy of transaction integration on toll roads.
From 2015 to June 2019, the government has completed the operation of 985 km. From 1978 to June 2019, toll roads in Indonesia that have been fully constructed and operate have reached 1,780 km, the agency data showed.
Currently, the shareholders of CMNP are BNP Paribas Singapore branch (54.75 percent), Fitria Yusuf (4.42 percent), Feisal Hamka (4.97 percent), Farid Hamka (4.97 percent), and the public (30.89 percent).
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