Adhi Karya Asks PMN Of IDR 2 Trillion To Complete Two Toll Road Projects

Illustration (Photo: Doc Antara)

JAKARTA - PT Adhi Karya (Persero) Tbk. (ADHI) proposed a state capital participation (PMN) for the 2025 budget year of IDR 2.09 trillion.

President Director of Adhi Karya Entus Asnawi Mukhson said the funds would be used for the completion of the Solo-Yogyakarta-Kulonprogo toll road and the Yogyakarta-Bawen toll road. Both are included in the national strategic project (PSN).

"The total PMN that we submitted was Rp. 2 trillion, with details of Rp. 1.9 trillion for the Solo-Yogyakarta-Kulonprogo toll road and the Yogyakarta-Bawen toll road of Rp. 173 billion," he said in a hearing (RDP) with Commission VI of the DPR at the DPR Building, Jakarta, Monday, July 8.

Entus said the PMN of Rp. 2 trillion was adjusted to the changes that occurred in the two PSNs. For example, said Entus, there was an increase in construction and investment costs on the Jogja-Bawen toll road from Rp. 14.2 trillion to Rp. 18.3 trillion.

Then, continued Entus, the change in the composition of Adhi Karya's shares on the Solo-Yogyakarta-Kulonprogo toll road, which was previously 24 percent to 47.18 percent, also had an impact on increasing equity needs.

"The one who underwent changes to PT Dayamulia Turangga and PT Gama Group," he said.

Entus said that the initial need for equity of Rp. 1.9 trillion also swelled to Rp. 3.8 trillion.

"With PMN, it will improve ADHI's financial ratio, especially Debt to Equity," he explained.

According to Entus, PMN has proven to have provided benefits for the state and society in the form of job opening, economic improvement, and supporting priority tourist destinations. Not only that, PMN also has a significant impact on the company's performance.

"PMN 2025 is the best option. With the PMN, it will provide improvements to Adhi's financial ratio, especially in the debt-to-capital ratio," he said.