Metro Pacific Tollways Corp. (MPTC) anticipates completing its acquisition of a 35 percent stake in an Indonesian state-owned toll road operator by July or August this year.
“We are the preferred bidder so we are in the process of negotiating with Jasamarga Transjawa Tol (JTI). Hopefully we can close the negotiate in one month if they award the contract by end of May and hopefully close by July or August,” MPTC chief finance officer Chris Lizo said.
Lizo earlier estimated the 35-percent prospective stake in JTI that owns 13 toll roads as ranging from $1 billion and $1.5 billion
JTI has the largest connected toll road network in Java. It operates 13 toll sections spanning 676 kilometers.
All JTI’s toll roads have been fully operational since 2019 with an average 35 years of remaining life in the concession.
MPTC has partnered with Singapore sovereign fund GIC for the acquisition of 35 percent stake in Jasamarga.
Under the proposed partnership, the MPTC’s Indonesian subsidiary will acquire 20.3 percent of the 35 percent to be purchased, while GIC will own 10.3 percent. MPTC-led PT Margautama Nusantara will take the remaining 4.2 percent.
GIC recently invested in MPTC’s tollroad unit in Indonesia, acquiring 33 percent.
Last year, the MPTC also bagged a new concession project in Indonesia, the 21.5-kilometer elevated toll road worth $1.4 billion.
The project begins this month and scheduled completed by January 2028. It has a concession life of 45 years.
