This Experienced Investor In China Purchases 30 Percent Of Medan-Kualanamu Toll Shares Sold By Waskita

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Waskita Toll Road (WTR), a subsidiary of PT Waskita Karya (Persero) Tbk, has agreed to divest 30 percent of shares in the Medan-Kualanamu-Tebing Tinggi toll road to Road King Expressway (RKE) investors through its subsidiary Kings Ring Limited (KRL ).

The share divestment agreement was marked by the signing of a Conditional Sale Purchase Agreement between PT Waskita Toll Road (WTR) and Kings Ring Limited in Jakarta on, Monday 8 March.

Kings Ring Limited (KRL) agreed to take over all of WTR's shares in JMKT (PT Jasa Marga Kualanamu Tol) by 30 percent with a transaction worth IDR 824 billion which will be paid in stages after the signing of the Sale Purchase Agreement when all documents and legality have been completed.

WTR President Director Septiawan Andri Purwanto explained that the implementation of the JMKT toll divestment is a WTR business strategy and is expected to be good momentum for further divestment plans in the future.

"After this initial agreement is signed, we will immediately process the documents and complete whatever is needed from the investor and WTR before the Sale Purchase Agreement is signed", he said, quoted from Antara, Tuesday, March 9.

RKE itself is one of the investors from Hong Kong who has experience as a toll road investor for more than 20 years in China.

Director of Business Development & QHSE of PT Waskita Karya (Persero) Tbk Fery Hendriyanto added that the signing of the Conditional Sale Purchase Agreement (CSPA) is a good momentum to increase investor confidence in investing in toll road infrastructure.

"The signing of this CSPA is only the beginning of all investment opportunities in Indonesia. This transaction shows countless investment opportunities in Indonesia, not only on toll road projects but also in other sectors. We hope that the divestment process will run smoothly so that the synergy of cooperation between Waskita Group and Road King Expressway can run smoothly", said Fery.

The Medan-Kualanamu-Tebing Tinggi Toll Road is a toll road located in North Sumatra and is part of the Trans Sumatra toll road. The section has a length of 61.7 km which has been fully operational since 2016.

The existence of this toll road is very important to connect the city of Medan and its surrounding areas, especially to Kualanamu Airport and the Tebing Tinggi area.