Waskita Karya Sells Cibitung - Cilincing Toll Road And Gets IDR 2.67 Trillion, Who's The Buyer?

Illustration. (Photo: Doc. Antara)

JAKARTA - The state-owned construction company, PT Waskita Karya (Persero) Tbk stated that it has successfully completed the asset divestment process for the Cibitung - Cilincing toll road with a total value of Rp. 2.67 trillion. The transaction was carried out by Waskita Karya's subsidiary, PT Waskita Toll Road (WTR) by transferring all of its share ownership in PT Cibitung Tanjung Priok Port Tollways (CTPPT) to PT Access Pelabuhan Indonesia (API).

Quoted from Waskita Karya's disclosure of information, Wednesday, October 6, WTR sold 1.38 million shares with a total nominal value of IDR 1.26 trillion, representing a 55 percent share ownership in the CTPPT to API. Waskita Karya SVP Ratna Ningrum explained that the transfer price was recorded at Rp2.44 trillion.

"The purchase price must be paid to WTR no later than 14 calendar days from the signing of the Sale and Purchase Deed," explained Ratna.

WTR as the seller and API as the buyer have signed the Deed of Sale and Purchase of Shares on October 1, 2021 in Jakarta. Based on the deed, WTR and API agreed and agreed on the transfer price of receivables on interest of Rp. 40.48 billion, deducted by PPh of Rp. 6.07 billion, so that the amount to be paid by API to WTR was Rp. 34.41 billion.

Furthermore, it was also agreed to transfer the obligation to pay CTPPT from WTR to API in the amount of Rp194.75 billion. Thus, the total transaction reached IDR 2.67 trillion, equivalent to 16.21 percent of Waskita Karya's equity valued at IDR 16.49 trillion and 12.22 percent of WTR's equity valued at IDR 21.87 trillion.

PT Cibitung Tanjung Priok Tollways is a toll company that was acquired by Waskita Toll Road in May 2017. This company is the concession holder of the 34 kilometer Cibitung - Cilincing toll road which is currently partially operating.