Jakarta, CNBC Indonesia – State-owned construction company, PT Waskita Karya Tbk (WSKT), through its subsidiary, PT Waskita Toll Road (WTR) disposed of all of its share ownership in PT Cibitung Tanjung Priok Tollways (PT CTP) as the Toll Road Business Entity (BUJT) the concession holder of the toll road Cibitung – Cilincing.
WTR divested 55% of its shares to PT Access Pelabuhan Indonesia, a 45% shareholder in PT CTP through the signing of a joint share sale agreement in early October 2021. After this transaction, PT API’s share ownership in PT CTP will be 100%.
Waskita Karya’s corporate secretary, Ratna Ningrum, said the divestment value of Waskita’s 55 percent investment was Rp 2.44 trillion, above the acquisition value of PT CTP of Rp 1.92 trillion.
“Thus, on investment in PT CTP, Waskita will get a profit of Rp 520 billion and a debt reduction of Rp 5.8 trillion due to the deconsolidation effect. Apart from Waskita’s investment value, there are also Banking Investment Credit and other accumulated debt which will indirectly shift to new owner”, said Ratna, in an official statement, Tuesday (12/10/2021).
In 2021, in the midst of declining global economic conditions and various uncertainties during the pandemic, until the end of September 2021 PT Waskita Toll Road had succeeded in divesting 3 (three) BUJTs with a total value of Rp 4.4 trillion or Rp 2.1 trillion in over a book value of Rp 2.3 trillion.
The three BUJTs that have been successfully divested are PT Jasamarga Kualanamu Tol, PT Jasamarga Semarang Batang, and PT Cinere Serpong Jaya.
The toll road divestment is part of Waskita’s 8 Stream Financial Restructuring Program in addition to the restructuring process for the parent company and its subsidiaries, government guarantees, State Capital Participation (PMN) and rights issue, completion of toll road construction, business transformation, as well as implementation of GCG and risk management.
The Company also received government support to accelerate the implementation of Waskita’s financial restructuring strategies.
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