Metro Pacific Tollways Corp. said over the weekend it is set to sign a deal to acquire a 35-percent stake in Jasa Marga Transjawa Tol (JTT), an Indonesian state-owned toll road operator this week in Jakarta.
“They are in final documentation. Few changes are still happening,” MPTC chairman Manuel Pangilinan told reporters.
“There’s always issues on documentation, last minute. Remember, Jasa Marga is a state-owned enterprise. They have their own systems of approval. It takes a bit more time than the private sector,” he said.
MPTC chief finance officer Chris Lizo earlier said the estimated value of the 35-percent stake in JTT between $1 billion and $1.5 billion.
Pangilinan expects JTT to contribute about P30 billion per year to the company.
JTT has the largest connected toll road network in Java with an estimated 750,000 to 800,000 vehicles per day. It operates 13 toll sections spanning 676 kilometers. MPTC teamed up with Singapore sovereign fund GIC for the acquisition of the stake in Jasamarga.
Under the proposed partnership, 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 toll road unit in Indonesia, acquiring 33 percent.
MPTC also bagged a new concession project in Indonesia last year, which involves a 21.5-kilometer elevated toll road worth $1.4 billion.
The project will commence this month and will be completed by January 2028. It will have a concession life of 45 years.
