After Selling 4 Sections, Waskita Karya Will Continue To Sell Toll Roads Until 2025

Illustration. (Photo: Doc. Waskita Karya)

JAKARTA - PT Waskita Karya (Persero) Tbk has divested four toll roads until September 2021. The company admits that it has not suffered any losses from the release of four toll roads this year worth Rp 6.8 trillion.

The 4 toll roads that have been divested are the Medan-Kualanamu-Tebing Tinggi (JMKT), Semarang-Batang (JSB), Cinere-Serpong (CSJ) and Cibitung-Cilincing (CTPPT) toll roads.

Waskita Karya President Director Destiawan Soewardjono said the divestment of the four toll roads was a burden and a heavy burden.

"And thank God, until September 2021, we have divested 4 toll roads," he said in a virtual press conference, Thursday, November 4.

Even so, Destiawan said that the company did not suffer a loss even though it sold the four toll roads with a value of Rp 6.8 trillion. From this divestment process, the company also deconsolidated debt worth Rp 6 trillion, while the rest was operating margin.

"We get a margin from the toll road divestment, from the four sections that are released, no one will lose. Waskita will benefit from the transaction," he explained.

Not only that, the management also targets to divest a number of toll roads by the end of this year. According to Destiawan, the corporate action will reduce the burden and improve Waskita Karya's performance. Management targets that until December this year the transaction process with investors has been realized.

"We still have space within 2 months, because currently it is still in the review process and we hope that transactions with these potential investors will occur, first reducing the burden, and this will improve Waskita Karya's performance," he said.

In aggregate, there are 13 toll roads belonging to WSKT that will be divested. Previously, the management targeted the divestment value to reach Rp 8 trillion. Of this amount, Rp 4.5 trillion has been realized, excluding the divestment of the Cibitung-Cilincing toll road.

Toll divestment will continue until 2025

Not only that, WSKT will also divest all of its toll road assets until 2025. This is done because the construction of this toll road creates a large debt burden for the company. The debt generated by this toll road investment reaches at least Rp53-54 trillion.

Furthermore, Destiawan explained that this divestment was a step for the company to deconsolidate the high debt burden.

"Essentially, Waskita is burdened with toll road investment loans, so in our drawings the toll segment must be released to repay the loan. In our plan, that is what we plan to do to be able to reduce or settle this burden. he said.