Citra Group of Indonesia said Monday it plans to expand its toll road assets in the Philippines and Indonesia.
Padma Funds LP., the funds manager of the Citra Group of Companies of Indonesia, has consolidated 76.5 percent of the Citra Group shares under the PT Citra Marga Nuphasala Persada Tbk (CMNP) consortium to support its strategic business move to expand toll assets and other infrastructure-related businesses.
“With a strong capital structure, the new CMNP consortium is poised to undertake new infrastructure projects not only in Indonesia and the Philippines but in other Asian countries as well,” the company said.
CMNP shareholders in December approved the issuance of $3.8 billion worth of shares and convertible notes to fulfill the equity commitments for its project in the cities of Jakarta, Bogor, Bandung and Surabaya.
CMNP is a leading publicly-listed toll road and infrastructure company in Indonesia. Its new projects in Indonesia will expand its toll road concession areas to 1,098 kilometers from 444 kilometers.
One of its subsidiaries, PT Citra Persada Infrastruktur, submitted to the Philippine government a proposal for a P50-billion, 17.7-kilometer Manila-Taguig Expressway, now under evaluation by the Department of Public Works and Highways.
Other CMNP subsidiaries engaged in toll road construction and maintenance and other integrated infrastructure businesses continue to boost CMNP’s financial performance.
The Citra Group conceptualized the Metro Manila Skyway Project Stages 1, 2 and 3, and the Metro Manila Expressway or C6 in partnership with the government-owned Philippine National Construction Corp. in 1993.
The Citra Group developed, funded and built MMSP Stages 1 and 2, ahead of government-mandated schedule and within project budget.
Padma Funds is the partner of San Miguel Holdings Inc. under Atlantic Aurum Investment Ltd. B.V., which was formed to integrate the toll road concessions south of Luzon.
It includes the concessions for MMSP Stage 1 and 2, MMSP Stage 3, and South Luzon Expressway under Citra Metro Manila Tollway Corp., Citra Central Expressway Corp. and South Luzon Tollway Corp., respectively.
Eventually, it will include Citra Intercity Tollways Inc., Star Infrastructure Development Corp. and Vertex Tollways Development Inc. as concessionaires, respectively, of MME-C6, Star Tollway and NAIA Expressway.
The proposed Manila-Taguig Expressway is solely a CPI/Citra project.