Healthy Finances That Are In Destruction, Waskita Karya Sells Cimanggis-Cibitung Toll Road Worth Rp1.7 Trillion

JAKARTA - PT Waskita Karya (Persero) Tbk through its subsidiary PT Waskita Toll Road (WTR) sold the ownership of the Cimanggis-Cibitung Toll Road with a transaction value of Rp1.7 trillion. This step was taken as an effort to improve the company's finances.

Waskita Toll Road has signed a Conditional Sale and Purchase Agreement (PJBB) with PT Sarana Multi Infrastruktur (SMI). PJBB regarding the divestment of 55 percent of WTR ownership in PT Cimanggis Cibitung Tollways (CCT), a Toll Road Business Entity (BUJT) which has concession rights over the Cimanggis Cibitung toll road.

The transaction value targeted by Waskita Karya through this divestment is Rp1.7 trillion, consisting of Rp339 billion for 55 percent of WTR ownership in CCT, as well as the takeover of 55 percent Shareholder Loan (SHL) by SMI worth Rp1.4 trillion.

The target proceeds are equivalent to 7.7 times the Book Value (BV). Through this transaction, the company is expected to receive a gross profit of Rp229 billion and estimated debt deconsolidation of Rp4.1 trillion.

Waskita Karya's President Director, Destiawan Soewardjono, explained that this divestment transaction is the management's commitment to healthy Waskita finances, which was realized in early 2022.

"Waskita targets to divest 13 toll roads from 2021 to 2026," he said, in Jakarta, Thursday, January 13.

After carrying out 4 toll road divestments in 2021, Destiawan said that by 2022 Waskita is optimistic that he will be able to complete the divestment process of 3-4 toll roads, one of which is the CCT divestment.

Meanwhile, said Destiawan, for other toll road divestments, management is currently in the discussion and negotiation stage with potential investors.

Similarly, Waskita's Director of Finance and Risk Management, Taufik Hendra Kusuma also explained that the Company and SMI will carry out the signing of the Sale and Purchase Deed (AJB) which is targeted to be completed in the first semester of 2022.

Taufik said that after the transaction was completed, the ownership structure in CCT consisted of 55 percent of SMI, 35 percent of WTR and 10 percent of other shareholders.