JAKARTA - PT Bakrie & Brothers Tbk (BNBR) fully controls the Cimanggis-Cibitung Toll Road to strengthen national infrastructure expansion, improve strategic control of transportation assets, and optimize group sustainable income.
President Director & CEO of BNBR, Anindya N. Bakrie said the acquisition was carried out through a subsidiary of PT Bakrie Toll Indonesia (BTI), which has completed the takeover of 100 percent of PT Cimanggis Cibitung Tollways (CCT).
The signing of the SALe & Purchase Agreement (SPA) in the context of releasing shares was carried out between BTI, PT Sarana Multi Infrastruktur (Persero) (SMI) and PT Waskita Toll Road (WTR) which took place in Jakarta.
"This transaction was carried out in connection with the existence of strategic opportunities for the company to acquire all CCT share ownership which is currently owned by SMI at 55 percent and WTR at 35 percent," Anindya said quoting Antara.
He previously said that the company already owns 10 percent of shares in CCT, either directly or through BTI. Thus, with the divestment of SMI and WTR on CCT shares, the company considers the acquisition an opportunity and the right momentum to consolidate full ownership of CCT.
"The main consideration of this transaction is to strengthen the position of the Company's Business Group in the national infrastructure sector, in line with the Company's long-term business strategy which focuses on infrastructure and manufacturing development," explained Anindya.
According to him, by having 100 percent ownership of CCT shares, the Company is expected to optimize business synergy, improve operational and strategic control over toll road assets, and encourage a sustainable and significant revenue contribution to the Company's Business Group's consolidated performance going forward.
Deputy President Director of BNBR, A. Ardiansyah Bakrie added that the takeover of CCT was carried out through the purchase of 72,000,000 shares, or equivalent to 90 percent of all issued and fully paid shares in CCT.
With details, as many as 44,000,000 CCT shares owned by SMI or equivalent to 55 percent of all issued and fully paid shares in CCT and 28,000,000 CCT shares owned by WTR or equivalent to 35 percent of all issued and fully paid shares in CCT, with a total takeover value of IDR 1 trillion.
In addition, continued Ardi, BTI also took over SMI and WTR receivables to CCT in connection with loans from CCT shareholders provided by SMI and WTR, with a total value of IDR 2.565 trillion which is the subject of the loan from the shareholders.
According to him, the Cimanggis-Cibitung toll road is very strategic, because it is an alternative route to unravel congestion on other toll roads, especially the Jakarta-Cikampek toll road.
"In addition, it is an important part in increasing connectivity and transportation efficiency, as well as the growth of industrial and economic areas around Jabodetabek," said Ardi.
PT Cimanggis Cibitung Tollways is a Toll Road Business Entity that manages the 26.184 km Cimanggis-Cibitung section with a concession period of 45 years which will end on August 10, 2061.
The company's activities and business activities include funding, technical planning, construction implementation, as well as the operation and maintenance of the Cimanggis-Cibitung Toll Road.
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As one of the National Strategic Projects (PSN), the Cimanggis-Cibitung Toll Road managed by CCT has been fully operational since the inauguration date carried out by the 13th Vice President of the Republic of Indonesia Ma'ruf Amin on July 9, 2024.
The toll road is part of the Jakarta Outer Ring Road (JORR) 2 toll road network that connects the city of Depok, Bekasi City, Bogor Regency, and Bekasi Regency and is connected to the Jakarta Cikampek Trans Java Toll Road, Jagorawi Toll Road, Cinere-Jagorawi Toll Road, and will later be connected to the Jakarta-Cikampek 2 South Toll Road.
The Cimanggis-Cibitung Toll Road consists of two sections. Section 1, the Cimanggis 'Jatikarya segment is 2.75 km long, operating since October 26, 2020.
Section 2, the 23.43 km Jatikarya 'Cibitung segment, consisting of Section 2A of the 3.78 km long Jatikarya' Cikeas segment, has been operating since June 16, 2023, and Section 2B of the Cikeas' Cibitung Segment has been 19.657 km, operating since July 9, 2024.
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