Metro Pacific Tollways Corporation (MPTC) has expanded its toll road portfolio in Indonesia after sealing a strategic investment in PT Jasamarga Transjawa Tol (JTT), a subsidiary of the Indonesian state-owned toll road company, Jasa Marga.
Through its subsidiaries PT Margautama Nusantara (MUN) and PT Metro Pacific Tollways Indonesia Services (MPTIS), MPTC has acquired a 35 percent stake in JTT for about $1 billion. The investment was made in partnership with GIC, a global institutional investor.
“This milestone marks our significant expansion in the Indonesian toll road market. Our collaboration with GIC and Jasa Marga underscores our commitment to expanding our portfolio by collaborating with the leading global investment firms and infrastructure providers,” Rogelio L. Singson, MPTC chief executive and president, said.
The investment will allow Jasa Marga to raise capital, maintain a healthy leverage level, and continue expanding toll road networks across Indonesia — enhancing infrastructure and connectivity for future economic development.
JTT is a network of toll roads in West Java, Central Java, and East Java. The combined 676-kilometer long road is considered Indonesia’s crown jewel allowing for the efficient flow of 850,000 vehicles daily across Indonesia’s economic powerhouse of Java Island.
The addition of JTT toll roads will further boost MPTC’s portfolio to 1,130 kilometers connecting various economic zones in the Philippines and Indonesia.
By bringing in MPTC, a leading international toll road operator, and GIC, a highly experienced global infrastructure investor — as new and value-adding partners — Jasa Marga maintains full control over JTT’s strategic infrastructure assets and solidifies the quality of its service.
Last year, GIC purchased a 33 percent stake in PT Margautama Nusantara (MUN) for $209.9 million. Hence, MPTC’s stake in MUN has decreased to 60.3 pecent — while it continues to hold the majority share. MPTC also partnered with GIC in bidding for JTT.
HSBC served as joint financial advisor to MPTC and sole financial advisor to GIC for this transaction while BCA Sekuritas acted as joint financial advisor to MPTC.
