Selling Tolls In Medan - Kualanamu - Tebing Tinggi, Waskita Karya Receives IDR 824 Billion

Illustration. (Photo: Doc. Ministry of PUPR)

JAKARTA - PT Waskita Karya Tbk (Persero) through its subsidiaries, namely PT Waskita Toll Road and Kings Ring Ltd. has signed a sale and purchase agreement for 30 percent of PT Jasa Marga Kualanamu Tol shares. The transaction value of the Medan, Kualanamu, Tebing Tinggi toll road was IDR 824 billion.

For information, PT Jasa Marga Kualanamu Tol was founded in 2014 and won the concession auction for the Medan - Kualanamu - Tebing Tinggi toll road which was set on September 4, 2014. The 61.7 km section began operating in 2016, while the investment value spent for development reached IDR 9 trillion.

President Director of Waskita Karya Destiawan Soewardjono said that the divestment is the first step in the divestment plan for the other nine toll roads belonging to the company. The plan is for all divestment processes to take place this year.

"Several other segments are still in the negotiation process and are in the stage of being studied by investors", he said in a written statement received by VOI, Thursday, April 22.

Destiawan said the toll road divestment program is in line with Waskita's strategy to improve performance with recycled assets. As the largest toll road developer in Indonesia, Waskita creates value through the investment, construction, and divestment process.

"Through the divestment, Waskita obtains fresh funds from investors and can restore its funding capacity through toll road investment debt consolidation", he explained.

The fresh funds obtained by Waskita from the divestment proceeds will be allocated to fulfill obligations to creditors, as well as be used as additional working capital and investment in other infrastructure projects.

Kings Ring Ltd. is part of the Road King Expressway business group, which is one of the toll road investors with more than 20 years of experience in the East Asia region.

For your information, this is actually not the first time Waskita has collaborated with RKE. In 2019, Waskita released 40 percent of its shares in the Solo - Ngawi, and Ngawi - Kertosono sections to Kings Key Ltd, a subsidiary of RKE.