JAKARTA (TheInsiderStories) – The infrastructure and energy services company, PT Nusantara Infrastructure Tbk (IDX: META) has budgeted a capital expenditure more than Rp1.2 trillion (US$85.11 million) in 2021. Part of the investment funds was the carry over from this year’ program worth of Rp431 billion.
According to the director, Danni Hasan, In 2021, the company will prepare fresh investment Rp800 billion and around the same amount in 2022. He continued, the company has won the JORR Elevated Cikunir – Ulujami toll road tender and also participated in other auctions like Hang Nadim airport projects in Batam, Riau.
The construction of the airport is estimated to cost around Rp5.6 trillion. The constructor also looking for the potential acquisitions. In the toll road sector, Nusantara Infrastructure through its business unit PT Makassar Metro Network has completed the construction of the A.P. Petarani Elevated toll road with along 4.3 kilometers and costs Rp2.2 trillion.
The developer also set up a joint venture company, PT Margautama Nusantara, with three namely Japanese firms, Japan Expressway International Co. Ltd., Japan Overseas Infrastructure Co. Ltd. (JOIN) and West Nippon Expressway Co. Ltd.
Ramdani Basri, Nusantara Infastructure’ president director, said revealed that 2020 was a year full of challenges. Caused of the pandemic, the issuer has been cut its capital expenditure from Rp2.25 trillion to Rp1.78 trillion.
Currently, the issuer operates a total 34.47 kilometers (km) of toll roads, which connect to an airport, a seaport and business districts. While, Metro Pacific, runs 192 km of toll roads in the main island of Luzon, and has proposed new projects elsewhere in the country.
Metro Pacific’ chairman Manuel Pangilinan, said his aiming to bring Metro Pacific’ infrastructure expertise to the rest of Southeast Asia. The conglomerate has previously acquired shares in Thai and Vietnamese toll road companies.
Recently, the operator owned by Salim Group added its ownership in Margautama Nusantara, a subsidiary of META. The acquisition of of 24.98 percent shares worth of $67 million. Its holding Metro Pacific Investments Corp., was expanding in Indonesia since last year, the home turf of its principal shareholder, Salim Group.
Nusantara Infrastructure’ portfolio covers toll roads, ports, water, energy and telecommunications sectors in which Metro Pacific operates, except for port operations. Metro Pacific will focus on developing the company’ tollway business. In Nov. 6, 2017, Metro Pacific the unit of First Pacific, Salim’ Hong Kong-listed investment house, had acquired a 47.08 percent stake in the local firm for around $150 million.
Before acquired by the parent, in September 2017, Rajawali sold 21 percent of Nusantara Infrastructure for Rp864 billion to local investor Matahari Kapital Indonesia. On Nov. 3, 2019, Metro Pacific indirectly acquired 6.6 billion shares or equivalent to 43.3 per cent of Nusantara Infrastructure shares from Matahari Kapital.
Both parties has commited to allocate around $400 million to invest in Indonesia’ toll road infrastructure projects until 2019. Now, the shareholders of Nusantara Infrastructure are PT Metro Pacific Tollways Indonesia (74.65 percent), PT Indonesia Infrastructure Finance (10.00 percent), and public (15.35 percent).
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