SUBSCRIBE NOW
BUSINESS

MPTC completes $1-B Indonesian tollways expansion

The JTT toll roads are a network of 13 toll roads in the provinces of West Java, Central Java and East Java; the combined 676-kilometer-long road allows the flow of 850,000 vehicles daily across Indonesia’s Java Island
(Seated, from left) KKJM Cooperative chairman Bayu Nurbaya, JTT president director Rudi Kurniadi, Jasa Marga president director Subakti Syukur, MUN president director Danni Hasan, MPTIS president commissioner Rogelio L. Singson and MPTIS director Francis D. Rojas. (Back, from left) Nusantara president director Ramdani Basri, Deputy Attorney General for Civil and State Administrative Affairs head of legal opinion Sub-Directorate Mustagprin, president Commissioner of Jasamarga M. Zainal Fatah, deputy head of BPKP: state auditor Sector Sally Salamah, deputy for legal affairs and legislation of the Ministry of SOEs Robertus Billitea, and Nusantara director Benny Santoso.
(Seated, from left) KKJM Cooperative chairman Bayu Nurbaya, JTT president director Rudi Kurniadi, Jasa Marga president director Subakti Syukur, MUN president director Danni Hasan, MPTIS president commissioner Rogelio L. Singson and MPTIS director Francis D. Rojas. (Back, from left) Nusantara president director Ramdani Basri, Deputy Attorney General for Civil and State Administrative Affairs head of legal opinion Sub-Directorate Mustagprin, president Commissioner of Jasamarga M. Zainal Fatah, deputy head of BPKP: state auditor Sector Sally Salamah, deputy for legal affairs and legislation of the Ministry of SOEs Robertus Billitea, and Nusantara director Benny Santoso.
Published on: 

Pangilinan-led Metro Pacific Tollways Corp. (MPTC) and its Singapore-based partner, GIC, officially closed their $1-billion investment in Indonesian state-owned Jasamarga Transjawa Tol (JTT) last week.

MPTC, through its subsidiaries PT Margautama Nusantara (MUN) and PT Metro Pacific Tollways Indonesia Services (MPTIS), along with GIC formally signed the investment agreement in June.

The investment covers a 35 percent stake in JTT, a subsidiary of the Indonesian state-owned toll road company, PT Jasa Marga (Persero) Tbk (Jasa Marga).

The investment will enable Jasa Marga to raise capital, maintain healthy leverage, and continue expanding Indonesia’s toll road networks, boosting infrastructure and connectivity for future economic growth.

Significant expansion

“This milestone marks our significant expansion in the Indonesian toll road market,” MPTC CEO and president Rogelio L. Singson said on Tuesday.

“Our collaboration with GIC and Jasa Marga underscores our commitment to expanding our portfolio by collaborating with the leading global investment firms and infrastructure providers,” he added,

With JTT toll roads now under its portfolio, MPTC’s local and international network boasts a 1,300-kilometer network.

JTT is a subsidiary of the leading Indonesian state-owned toll road operator, PT Jasa Marga (Persero) Tbk (Jasa Marga).

Network of 13 toll roads

It is a network of 13 toll roads in the provinces of West Java, Central Java, and East Java. The combined 676-kilometer-long road allows the flow of 850,000 vehicles daily across Indonesia’s Java Island.

Last year, GIC purchased a 33 percent stake in MUN for $209.9 million or about P12.30 billion at current rates. Hence, MPTC’s stake in MUN has decreased to 60.3 percent, while it still holds the majority share.

MPTC also partnered with GIC in bidding for JTT.

HSBC served as the joint financial advisor to MPTC and the sole financial advisor to GIC for this transaction, while BCA Sekuritas acted as the joint financial advisor to MPTC.

Metro Pacific Tollways Corp. (MPTC)
Jasamarga Transjawa Tol (JTT)
PT Jasa Marga (Persero)
Tbk (Jasa Marga)

Latest Stories

No stories found.
logo
Daily Tribune
tribune.net.ph