PT Jasa Marga, Indonesia’s state-owned toll road operator, is planning a private placement for one of its regional units to bring in a strategic investor.
(Bloomberg) — PT Jasa Marga, Indonesia’s state-owned toll road operator, is planning a private placement for one of its regional units to bring in a strategic investor.
The Jakarta-listed company could raise about $300 million in the sale of a stake in PT Jasamarga Transjawa Tol, according to a person familiar with the matter, who asked not to be identified as the information is confidential.
Indonesia’s deputy state-owned minister Kartika Wirjoatmodjo confirmed Jasa Marga will hold a private placement to seek a strategic investor. A spokesperson for Jasa Marga said on Wednesday that PT BNI Sekuritas is advising the company on an early study of the fundraising, but the company hasn’t appointed any adviser for the sale, nor has it finalized the value of the placement. President Director Subakti Syukur said earlier that BNI was picked for the sale. Both Syukur and Wirjoatmodjo declined to comment on the placement’s size.
Jasamarga Transjawa Tol operates toll road networks in the provinces of West Java, Central Java and East Java, the company’s website shows. The parent said in September it planned to list Transjawa Tol in Jakarta in 2023.
Founded in 1978, Jasa Marga is the first and largest toll road operator in Indonesia, managing 35 toll road concessions with a total road length of 1,809 kilometers (1,124 miles), according to its website. Indonesia’s government owns 70% of the firm, according to data compiled by Bloomberg.
Jasa Marga raised 3.47 trillion rupiah ($229 million) in an initial public offering in 2007 and raised another 1.8 trillion rupiah in a rights issue in 2016. Its shares have risen about 14% so far this year, giving the company a market value of $1.6 billion.
(Updates Jasa Marga’s comment in the third paragraph.)
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