Jakarta, IndonesiaSentinel.com — PT Jasa Marga (Persero) Tbk (JSMR) is aiming to divest a 35% stake in its subsidiary, PT Jasamarga Transjawa Tol (JTT), which operates the Trans-Java Toll Road. The divestiture is expected to be finalized by September 2024.
“The divestment process for JTT is currently ongoing, with a target completion date in September 2024,” stated Jasa Marga’s Director of Finance and Risk Management, Pramitha Wulanjani, during the company’s Public Expose Live 2024 event on Wednesday, August 28, 2024.
Pramitha further explained that the divestment has reached the stage of signing a Conditional Share Purchase Agreement (CSPA) between Jasa Marga and a strategic partner consortium that includes the Government of Singapore Investment Corporation (GIC) and Metro Pacific Tollways Corporation (MPTC).
This consortium comprises Warrington Investment Pte. Ltd. (Warrington), PT Metro Pacific Tollways Indonesia Services (MPTIS), and PT Marga Utama Nusantara (MUN).
“The CSPA was signed on June 28, 2024, and we are now in the process of fulfilling the preliminary conditions outlined in the CSPA document,” Pramitha stated.
“We are optimistic that this process will be completed within the expected timeline. Throughout this process, we are adhering to principles of good corporate governance at every stage, ensuring that the final share purchase agreement is signed as planned,” she added.
In addition to the divestment, Jasa Marga is continuing to implement strategic initiatives to maintain growth and financial health through the end of 2024.
For context, PT JTT is a subsidiary of Jasa Marga and serves as the operator of several toll road sections on the island of Java.
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As of now, PT JTT manages 13 toll road sections along the Trans-Java corridor, covering a total distance of 673.21 kilometers. This includes key sections like the 83 km Jakarta-Cikampek Toll Road, the 38 km Mohamed Bin Zayed Toll Road, the 28.74 km Palimanan-Kanci Toll Road, and the 24.75 km Semarang ABC Toll Road.
Other significant sections include the 74.9 km Semarang-Batang Toll Road, the 49 km Surabaya-Gempol Toll Road, the 72.6 km Semarang-Solo Toll Road, the 91.09 km Solo-Ngawi Toll Road, and the 88.57 km Ngawi-Kertosono Toll Road. Additionally, PT JTT operates the 36.72 km Surabaya-Mojokerto Toll Road, the 13.6 km Gempol-Pandaan Toll Road, the 38.49 km Pandaan-Malang Toll Road, and the 34.2 km Gempol-Pasuruan Toll Road.
(Ray)
