Waskita Karya Completes Cimanggis-Cibitung Toll Divestment Worth IDR 3.28 Trillion

JAKARTA - PT Waskita Karya (Persero) Tbk (WSKT) through its subsidiary PT Waskita Toll Road (WTR) has officially completed the entire series of corporate actions at PT Cimanggis Cibitung Tollways (CCT).

The total transaction value reached IDR 3.28 trillion, one of which consisted of divestment or the release of 35 percent of WTR's CCT shares to PT Bakrie Toll Indonesia.

"We are grateful that the series of corporate actions, including the process of releasing the CCT shares or divestment, have been running smoothly and have been completed. This step is a manifestation of the company's commitment to creditors and fulfills the Master Restructuring Agreement (MRA) which has been effective since October 2024," said WSKT President Director Muhammad Hanugroho while witnessing the signing of the Share Sale and Purnary Agreement (SPA) accompanied by Director of Business Strategic, Portfolio & Human Capital Waskita Karya Rudi Purnomo in Jakarta, Friday, November 28.

The man who is familiarly called Oho explained that toll road divestment is an important part of the company's business restructuring and transformation strategy.

The corporate action will also support financial restructuring efforts as well as meet strategic funding needs.

"Waskita Karya will continue to maintain financial stability and divest toll roads. The company is also focused on restoring its core business as a construction company that builds buildings, water infrastructure, roads and bridges," he said.

Oho added that the divestment proceeds will be used to settle obligations to creditors, increase liquidity as well as cash flow for the company's operations.

Thus, WSKT can reorganize the portfolio, so that the value of assets is more maintained.

Previously, the composition of shares of the Cimanggis 'Cibitung Toll Road was 55 percent owned by PT Sarana Multi Infrastruktur (Persero). Then, 10 percent of PT Bakrie Toll Indonesia and 35 percent of Waskita Karya's subsidiaries, namely WTR.

"In the future, the company will continue to divest other toll roads as one of the company's financial strengthening strategies. In 2024, Waskita Karya has also divested PT Trans Jabar Tol (TJT) shares of 25 percent to PT SMI," he explained.

In the last 10 years, the company through the WTR business group has invested in 18 toll roads covering the Trans Java and Sumatra Toll Roads.

Of these, nine of them have been divested since 2019.

Overall, Waskita Karya's contribution reached more than 1,000 kilometers (km) from 3,000 km of toll roads operating in Indonesia.

"Toll road projects are very important for the community because they have a wide multiplier effect. Not only facilitates connectivity between regions, but also has the potential to open up new economic revivals and create jobs," he added.

To note, PT Waskita Karya (Persero) Tbk (WSKT) achieved a new contract value (NKB) of IDR 5.6 trillion until October 2025.

This was conveyed by the Director of Business Strategic, Portfolio & Human Capital WSKT Rudi Purnomo at the 2025 Public Expose, Tuesday, November 4.

"As of October 2025, we have been able to achieve the target of a new contract value of IDR 5.6 trillion. If we look at the major (project) in water infrastructure, continued buildings and connectivity," said Rudi.

Based on the presentation material displayed, there are the top five new contracts. Among others, the Karian Dam 'Serpong Conveyance System (KSCS) Package 1 project worth IDR 484.3 billion.

Then, the construction of the IKN Judicial Complex Road amounted to Rp387.3 billion and the construction of the Rawa Irrigation Network at the Merauke Regency KSPP worth Rp238.4 billion.

Kemudian, ada proyek peningkatan Jalan Paket D di KIPP 1B–1C IKN senilai Rp232,2 miliar dan konstruksi bangunan Gedung DPRD DIY senilai Rp185,3 miliar.

"Jadi, dari total Rp5,6 triliun ini memang hampir 60 persen itu didominasi oleh proyek-proyek pemerintah yang notabenenya secara kontraktual itu cukup mendukung concern Waskita, karena kontrak-kontrak ini dikerjakan dengan cara monthly certificate. Yang lainnya memang proyek-proyek dari BUMD," katanya.

Then, there is a project to improve Package D Road at KIPP 1B1C IKN worth IDR 232.2 billion and construction of the DIY DPRD Building worth IDR 185.3 billion.

"So, out of a total of IDR 5.6 trillion, almost 60 percent of these are dominated by government projects, which in fact are contractually sufficient to support Waskita's concern, because these contracts are carried out by monthly certificate. The others are indeed projects from BUMD," he said.