JAKARTA (TheInsiderStories) - Regional firm, PT MRT Jakarta, plans to acquire shares of PT Kereta Commuter Indonesia (KCI) from PT Kereta Api Indonesia (KAI) in an effort to provide integrated transportation services around the capital city, said the president director on Tuesday (01/05). Now, the process is still due diligence stages.
Earlier, the company owned by the Jakarta provincial government would acquire 51 percent of KCI’. Currently the shareholder of PT the railway operator is 99.68 percent owned by KAI and Pusaka Foundation 0.22 percent. No further details on the acquisition plans.
To support the integration of Jakarta transportation, MRT Jakarta will also receive additional capital of Rp 1.7 trillion (US$121.43 million) from the government through PT Sarana Multi Infrastruktur in the framework of the national economic recovery program. The operator also plant to bring its unit, PT Integrasi Transit Jakarta (ITJ) to list it shares on the Indonesia Stock Exchange in 2022.
“We see that this subsidiary has very good prospects. This company was formed in October last year but it has made a fortune,” said the President Director of MRT Jakarta, William Sabandar, in online discussion on Tuesday.
He also reported 2020, the unit has posted an indicative net profit of Rp6.1 billion with total assets as of December 31 of around Rp5 billion. The subsidiary was formed to develop infrastructure in the transit oriented development areas and the opportunity to increase the intensity of the building floor coefficient.
Since last year, a city-owned train operator, has begun the construction of Phase 2 of the railway projects after it was stopped during the pandemic. The next route is to build from Thamrin to Monas in Central Jakarta with length around six kilometers.
Due to this force major conditions, MRT Jakarta has revised its deadline to March 30, 2025. The halted also postpones other four projects that were initially supposed to be worked on in parallel to the 5.8-kilometer railway construction. Meanwhile, the length of the Phase 2B railway project is six kilometers.
He also reported that it has received Rp22.5 trillion funding from the Japan International Cooperation Agency (JICA). The company also seeking and additional Rp7.3 trillion funding that has been submitted to the parliament. MRT Jakarta has signed the loans agreement with JICA since 2018 and has lend about JPY70.21 billion or $654.72 million with an interest of 0.1 percent and a 40-year tenure.
In 2015, Japan helped the project with loan JPY1.92 billion for engineering services MRT Jakarta East-West Line Project Phase I and construction of MRT Jakarta Phase I Stage 2 worth of JPY75.22 million. This agreement was the initial stage before the loan was signed by JICA and ministry of finance.
The government has released MRT Jakarta map trace of the second phase railway to connect Hotel Indonesia circle to Kampung Bandan Railway Station located on the border of North and Central Jakarta.
Sabandar explained on Feb. 27, the MRT phase-two trace’ permit was signed by former Jakarta Governor Djarot Saiful Hidayat in 2017. The second phase’ project has length of 7.8 kilometers that will pass through eight stations.
Last year, MRT Jakarta has finalize the construction of MRT corridor I Lebak Bulus to Hotel Indonesia Circle. The company also established a joint venture company with KAI to manage the transportation in the Greater Jakarta. The new entity will be 51 percent owned by MRT Jakarta and 49 percent by KAI, the parent company of commuter line operator, KCI, and airport train operator PT Railink.
Not only arrange public transportation, the venture fimr also to manage all railway stations and develop transit-oriented-development at designated stations. he wants to increase another four to five integrated stations in the city.
US$1: Rp14,000, JPY107.31
Written by Editorial Staff, Email: theinsiderstories@gmail.com
