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Stupid that Gudang Garam is entering the toll road business, is it big or not?

Jakarta, CNBC Indonesia – The toll road development business is currently attractive because the government is intensively building toll infrastructure in almost all of Indonesia.

This has attracted non-infrastructure issuers to invest in toll road infrastructure projects.

Previously, the largest cigarette issuer in Indonesia, namely PT Gudang Garam Tbk (GGRM) planned entered into the toll road management business by establishing a new subsidiary, namely PT Surya Kertaagung Toll (SKT).


The establishment of Surya Kertagung Toll which is the grandson of this business was carried out on November 6, 2020.

Surya Kertagung Toll is a subsidiary of PT Surya Kerta Agung whose shares are owned by Gudang Garam as much as 499,999 shares or equivalent to 99.9%.

“The authorized capital is Rp 1.2 trillion, the issued and paid up capital is Rp 300 billion or as many as 300,000 shares with a nominal value of Rp 1 million per share,” he said. Heru Budiman, Corporate Secretary of GGRM, in the disclosure of information on the Indonesia Stock Exchange (IDX).

Prior to this subsidiary of GGRM, several infrastructure and non-infrastructure issuers have also started their business to manage several toll roads in Indonesia, some of which are:

1. PT Nusantara Infrastructure Tbk (META)

Nusantara Infrastructure was founded in 2006, with toll management, namely:

  1. The Jakarta-Serpong toll road for the Pondok Aren-Serpong segment, managed by PT Bintaro Serpong Damai (BSD)
  2. West Jakarta Outer Ring Road One (Jakarta Ring Road / JORR W1) Kebon Jeruk-Penjaringan section, managed by PT Jakarta Lingkar Baratsatu (JLB)
  3. The Soekarno-Hatta Makassar Port Access Toll, is managed by PT Bosowa Marga Nusantara (BSN) and
  4. Sultan Airport Access Toll Hasanuddin Makassar, managed by PT Jalan Tol Section Four (JTSE).

2. Astra Infra

Astra Infra is a special infrastructure division at PT Astra International Tbk (ASII). As for the toll roads managed by Astra Infra, namely:

  1. The Trans Java toll road, the Tangerang-Merak section, is managed by PT Marga Mandalasakti
  2. The JORR 2 toll road for the Kunciran-Serpong section is managed by PT Marga Trans Nusantara.
  3. The Trans Java toll road Cikopo-Palimanan (Cipali) section, managed by PT Lintas Marga Sedaya (LMS),
  4. The Semarang-Solo Trans Java toll road, managed by PT Trans Marga Jateng,
  5. The Jombang-Mojokerto Trans Java toll road, managed by PT Marga Harjaya Infrastruktur, and
  6. The Surabaya-Mojokerto (Sumo) Trans Java toll road is managed by PT Marga Harjaya Infrastruktur.

The following is the structure of the company’s subsidiaries in the infrastructure division (Astra Infra):

  1. PT Astra Tol Nusantara, with a 100% ownership portion, total assets as of 30 September 2020 Rp 19.55 trillion, down from the same period the previous year Rp 19.62 trillion.
  2. PT Astra Transportasi Indonesia, with a 100% ownership portion, has total assets as of 30 September 2020 of IDR 283 billion, down from the previous IDR 296 billion.
  3. PT Astra Nusa Perdana, with a 100% ownership portion, had total assets as of 30 September 2020 at Rp 619 billion, an increase from the previous Rp 609 billion.
  4. PT Marga Harjaya Infrastruktur, with a 100% ownership portion, total assets as of 30 September 2020 Rp 4.46 trillion, down from the previous Rp 4.49 trillion.
  5. PT Marga Mandalasakti, with a 100% ownership portion, total assets as of 30 September 2020 Rp 3.83 trillion, down from the previous Rp 3.85 trillion.
  6. PT Serasi Autoraya, with a 100% ownership portion, had total assets as of 30 September 2020 IDR 6.21 trillion, up from the previous IDR 6.15 billion.

3. PT Citra Marga Nusaphala Persada Tbk. (CMNP)

Citra Marga was founded on April 13, 1987. In its early establishment, CMNP was a consortium, consisting of several State-Owned Enterprises (BUMN) and national private companies engaged in infrastructure, especially toll road concessions and other related fields.

The toll roads managed by CMNP are:

  1. The Jakarta Inner Ring Toll Road for the Cawang-Tanjung Priok-Pluit (Wiyoto Wiyono) section, is managed by PT Citra Marga Nusaphala Persada Tbk. (CMNP)
  2. The Waru-Juanda Airport Interchange Access Toll Road, managed by PT Citra Margatama Surabaya (CMS),
  3. Depok-Antasari (Desari) Toll Road, managed by PT Citra Waspphutowa,
  4. The Soreang-Pasirkoja (Soroja) Toll Road, managed by PT Citra Marga Lintas Jabar, and
  5. The Cileunyi-Sumedang-Dawuan (Cisumdawu) Toll Road, is managed by PT Citra Karya Jabar Tol

CONTINUED >> Here’s the performance of toll road infrastructure issuers

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