semarang - batang toll road - Photo by the Company

JAKARTA (TheInsiderStories) – PT Waskita Toll Road (WTR) has sold 20 percent shares of Semarang – Batang toll road to Samuel Asset Toll Road Management Limited Participant Mutual Funds for Rp1.5 trillion (US$104.89 million). The unit of state-owned construction firm, PT Waskita Karya Tbk (IDX: WSKT) has signed a conditional sale purchase agreement with the buyer on Friday (03/05).

Currently, the toll road operator has a 40 percent stake in the PT Jasamarga Semarang Batang, the operator of Semarang – Batang 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. Beside divesting the company’ toll roads, the builder also implemented also looking several projects in the Southeast Asian region, such as the light rapid transit in the Philippines, the construction of the Kuala Lumpur airport in Malaysia, and a mixed-used project in Johor and the renovation project of the Indonesian Embassy in Malaysia.

Waskita estimated that the contribution from the external market is projected to increase from now 30 percent to 37 percent. The issuer also optimistic to reached the new contracts target amounting to Rp27 trillion by the end of 2020. Soewardjono emphasized that currently the company also involved in 44 strategic projects including connectivity, water resources, electricity, and building projects that have been determined by the government.

Of the 44 projects, some have been completed and some are still in the construction stages. Several National Strategic Projects that have been completed by Waskita are the Jakarta – Cikampek elevated toll road, Kanci – Pejagan – Pemalang – Batang – Semarang toll road, the Solo – Ngawi – Kertosono toll road, the Salatiga -Kartasura toll road, terminal 3 of Soekarno – Hatta Airport, Ahmad Yani Airport, Kertajati Airport, and Gondang Dam.

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.

US$1: Rp14,300

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