Before Being Released To SMI, PT Cimanggis Cibitung Tollways Received A Capital Injection From Waskita Karya Of Rp622.53 Billion

Cimanggis - Cbitung toll road. (Photo: Doc. Antara/Waskita)

JAKARTA - PT Waskita Karya (Persero) Tbk through PT Waskita Toll Road distributed funds sourced from State Capital Investment (PMN) to PT Cimanggis Cibitung Tollways (CCT) in the context of completing the Cimanggis - Cibitung toll road Section 2A. This PMN in the form of Shareholder Loan (SHL) is worth Rp.622.53 billion.

"With the allocation of 2021 PMN funds for the Cimanggis - Cibitung Toll Road Section 2A, the Company is optimistic that revenue from construction services will increase along with the completion of the toll road," Waskita President Director Destiawan Soewardjono said in a written statement quoted by Antara, Friday, February 18.

This PMN fund allocation will be used to complete the construction of the Cimanggis – Cibitung toll road segment on/off ramp Jatikarya – Cikeas Interchange (Section 2A) which is targeted for completion in July 2022.

Meanwhile, the Cimanggis – Cibitung Toll Road is targeted for complete completion in January 2023.

The Company has also signed a Conditional Sale and Purchase Agreement (PJBB) for the Cimanggis – Cibitung Toll Road with PT Sarana Multi Infrastruktur (SMI) on December 30, 2021.

"With the completion of this toll road and the signing of PPJB with PT SMI, the divestment process can run smoothly so as to increase liquidity, reduce interest expenses and reduce the Company's debt balance through deconsolidation," said Destiawan.

The Waskita President Director added that the CCT divestment is one of the 3-4 toll road divestment targets that the Company will execute this year.

As is known, Waskita Karya will get an additional PMN 2022 of IDR 3 trillion. The Cimanggis - Cibitung toll road is one of seven toll roads whose completion will be accelerated through the PMN.