Metro Pacific Tollways Corp. is acquiring a 35-percent stake in a state-owned toll road operator in Jakarta in transactions seen completed this week.
According to Manuel V. Pangilinan, MPTC chairman, just a few changes are being worked out prior to final documentation.
“There’s always issues on documentation at the last minute. Remember Jasa Marga is a state-owned enterprise. They have their own system of approval. It takes a bit more time than the private sector,” he said.
MPTC chief finance officer Chris Lizo previously estimated the value of the Jasamarga Transjawa Tollway (JTT) as between $1 billion and $1.5 billion. JTT owns 13 toll roads in Indonesia.
Pangilinan projects Trans Java to contribute more or less P30 billion to the company each year.
JTI has the largest connected toll road network in Java servicing an estimated 750,000 to 800,000 vehicles per day. It operates 13 toll sections spanning over 676 kilometers. MPTC teamed up with Singapore sovereign fund GIC in acquiring a stake in Jasamarga.
Under the proposed partnership, MPTC’s Indonesian subsidiary will acquire 20.3 percent of the equity for sale while GIC buys the other 10.3 percent. MPTC-led PT Margautama Nusantara will take the remaining 4.2 percent.
GIC recently invested in MPTC’s toll road unit in Indonesia by acquiring 33 percent of the business.
MPTC also last year bagged a new concession project in Indonesia that operates a 21.5-kilometer elevated toll road worth $1.4 billion.
The 45-year concession will begin construction this month and should complete by January 2028.
