Indonesia’s Waskita Inject Funds of US$84M in Its Toll Unit

PT Waskita Karya Tbk (IDX: WSKT) injected funds of Rp1.19 trillion (US$83.8 million) to its subsidiary, PT Waskita Toll Road - Photo by Waskita Karya

JAKARTA (TheInsiderStories) – State-owned construction developer, PT Waskita Karya Tbk (IDX: WSKT) injected funds of Rp1.19 trillion (US$83.8 million) to its subsidiary, PT Waskita Toll Road (WTR). The capital will be used for operational activities of the unit, the management announced today (08/16).

WTR will placed the cash to its unit PT Citra Waspphutowa (CW) with total amount Rp61 billion. CW owned 25 percent stake in Depok – Antasari toll road concession in West Java, joined with state-owned investment holding PT PP Tbk (IDX: PTPP) and publicly listed toll road operator PT Citra Marga Nusaphala Persada Tbk (IDX: CMNP). Both company hold 12.5 percent and 62.5 percent, respectively.

“Initial capital for the construction of the Depok – Antasari toll road space amounted to Rp1 trillion, but then increased to Rp2.12 trillion,” the company explained on the injection funds purpose.

Waskita Karya‘ owned 80.56 percent stake of WTR or equivalent to Rp12.83 trillion, while the other shares hold by PT Dana Tabungan dan Asuransi Pegawai Negeri (8.29 percent or Rp1.32 trillion) and PT Sarana Multi Infrastruktur (11.14 percent or Rp1.77 trillion).

Recently, Toll Road Regulatory Agency has ordered WTR joined with other state owned toll road operator, PT Hutama Karya and JSMR, to build toll road projects in North Sumatera. The project has value Rp13.4 trillion.

The projects including the construction of the Kuala Tanjung – Tebing Tinggi – Parapat toll road, in Medan, North Sumatra with total costs Rp9.6 trillion and targeted to operate in 2020 with a 40-year concession period.

The 143.5 kilometers (km) toll road project is a continuation of the 61.72 km Medan – Kualanamu – Tebing Tinggi toll road. Previously the Medan – Kualanamu – Tebing Tinggi had been completed and connected to the Belawan – Medan – Tanjung Morawa toll road.

The toll road project is considered to increase the connectivity of tourist destinations, including access from Medan to the Lake Toba National Strategic Tourism Area.

The toll road will consist of six sections, namely section one Tebing Tinggi – Inderapura (20.4 km), section two Inderapura – Kuala Tanjung (15.6 km), section three Tebing Tinggi – Serbelawan (30 km).

Then, section four Pemelawan – Pematang Siantar (28 km), section five Pematang Siantar – Seribudolok (22.3 km), and section six Seribudolok – Parapat (16.7 km).

The toll road will have seven interchanges in Inderapura, Tebing Tinggi, Serbelawan, Pematang Siantar, Seribudolok, Parapat, and Simpang Susun Raya.

Minister of Public Works and Public Housing Basuki Hadimuljono said the construction of the project could increase accessibility to Lake Toba, so that tourists have many choices of transportation routes, ranging from air, sea, and land transportation modes.

US$1=Rp14,200

Written by Staff Editor, Email: theinsiderstories@gmail.com