Complete Transactions Off The Semarang-Batang Toll Road, Waskita Karya Raup Untung Rp200 Billion

Semarang-Batang Toll Road. (Photo: Doc. Antara/Waskita Karya)

PT Waskita Karya (Persero) Tbk as a state-owned construction company recorded a profit of Rp200 billion through its subsidiary PT Waskita Toll Road (WTR) which completed the final stages of a series of corporate actions at PT Jasamarga Semarang Batang (JSB).

"This was marked by the signing of the Sales Purchase Agreement (SPA) for the release of 39.77 percent of JSB's shares to Kings Bless Limited (KBL), a subsidiary of Road King Expressway (RKE) on December 5, 2022," said WTR President Director Rudi Purnomo in his statement quoted by Antara, Thursday, December 8.

This series of transaction schemes began with the implementation of a buyback of 39.77 percent of share ownership owned by PT Sarana Multi Infrastruktur (SMI) and the Finite Participation Fund for SAM Toll Road (RDPT SAM-JT) which was completed on November 30, 2022.

Rudi conveyed that the total proceeds received by WTR from transactions with KBL were higher than the transaction value during the share buyback implementation.

"The total proceeds of the transaction amounted to Rp3.8 trillion, while the value of WTR transactions carried out the buyback of SMI and RDPT SAM-JT shares previously amounted to Rp3.6 trillion, so from this transaction WTR recorded a profit of around Rp200 billion," he said.

Transactions on the Semarang-Batang toll road are not the first transactions made with RKE subsidiaries, where in 2019 WTR has released share ownership of the Solo-Ngawi and Ngawi-Kertosono to Kings Key Limited with a total proceeds of approximately Rp1.9 trillion, and the Medan-Kualanamu-Tebing Tinggi toll road to King Rings Limited with a proceeds of Rp824 billion.

Meanwhile, Director of Finance and Risk Management of PT Waskita Karya Wiwi Suprihatno said that his party was focused on improving financial performance in the fourth quarter of 2022. One of them was the transaction of releasing share ownership as a form of asset recycling which was part of Waskita Group's business process.

"In 2022, we managed to partially complete three corporate acts of releasing shares, namely the Cimanggis-Cibitung toll road to SMI with a transaction value of IDR 339 billion in June, as well as the Kanci-Pejagan and Pejagan-Pejagan toll roads to the Indonesia Investment Authority (INA) with a transaction value of IDR 5.8 trillion in September 2022. With the four corporate actions in 2022, the company managed to record a profit of approximately IDR 1.7 trillion," said Wiwi.

As is known, WTR as a toll road investor has shares in each toll road segment through the establishment of a subsidiary or Toll Road Business Entity (BUJT) as the concession holder for managing the toll road segment within a certain period of time.

As for every share release transaction in BUJT, WTR agreed to grant toll concession management rights to strategic investors, while assets or land from the toll road are still owned by the state. In every corporate action, Waskita Group always prioritizes the principle of prudence through the implementation of Good Corporate Governance (GCG) and implemented in accordance with applicable regulations.