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JAKARTA - SOE Minister Erick Thohir revealed Jasa Marga's corporate action, namely its subsidiary Trans Java Toll Road, to consolidate Jasa Marga's strength as a toll operator.

"For Jasa Marga's corporate action, of course, the record is that this corporate action is to consolidate Jasa Marga's strength as a toll road operator," Erick said at a Working Meeting with Commission VI of the Indonesian House of Representatives, quoted from Antara, Monday, March 20.

According to Erick, thus Jasa Marga has additional capital to be able to develop the activities of several toll roads that have not been connected on the island of Java.

"In Sumatra, there is already Hutama Karya, but in Java most of it is Jasa Marga," he said

Erick added that this corporate action is nothing but to continue to increase the number of toll roads on the island of Java.

In his presentation, Erick Thohir said that Jasa Marga's corporate action had been carried out by a non-deal roadshow to potential investors.

Currently, Jasa Marga's corporate action against its subsidiary Trans Java Toll Road is in the process of preparing due diligence.

Erick Thohir hopes that the closing transaction target of the Trans Java Toll Road corporate action will be in the fourth quarter of this year.

Previously, PT Jasa Marga (Persero) Tbk. plans to offer its initial public offering (IPO) subsidiary, PT Jasamarga Transjawa Tollroad, which manages 14 toll roads in the Trans Java area.

Jasa Marga has 14 toll roads in the Trans Java area that can be spin-offed into the Jasamarga Transjawa Toll subholding.

The process is waiting for the right timing in terms of valuation, so that 14 concessions related to or related to Trans Java will be spin-off into the subholding.

Thus, when sold or offered to the public, it can provide optimal results in terms of valuation.

The possibility of the Jasamarga Transjawa Tollroad IPO is around 1-2 years, and hopefully the COVID-19 pandemic will soon subside so that Jasa Marga's revenue can return to normal, and for a valuation also based on income and cash flow from subholding later. So Jasa Marga is waiting for the optimum timing.


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