Metro Pacific Investments Corp. said Friday an indirect subsidiary of Metro Pacific Tollways Corp. is acquiring a 40-percent stake in a toll road concessionaire in Jakarta for P16.24 billion.
Metro Pacific said in a disclosure to the stock exchange PT Margautama Nusantara, an indirect subsidiary of MPTC where it holds a total equity interest of 89.66 percent, signed a conditional share and purchase agreement with Perusahaan Perseroan PT Jasa Marga (Indonesia Highway Corporatama) Tbk. to acquire 40 percent of the outstanding shares of Jasa Marga Jalanlayang Cikampek, or JCC.
JJC is the concession holder of Jakarta-Cikampek Elevated toll road, a 38-kilometer fully-elevated toll road forming part of the trans-Java network. It serves as an entry/exit gate from Jakarta to West, Central and East Java.
Japex has been in operation since December 12, 2019.
MPIC said that following the completion of the transaction, it would hold a 40-percent indirect interest in JJC which would be equity accounted as an associated company of the MPIC Group.
“The transaction is being carried out pursuant to MPTC’s plan to expand its toll road investment portfolio in Indonesia,” MPIC said.
PT Bintaro Serpong Damai, where MPTC owns a majority interest, allotted P2.7 billion to construct Makassar New Port Access Toll Road. The project is about 3.2 kilometers in length and directly provides access to the Makassar Port in South Sulawesi.
The MNP project will connect the Makassar Port to Makassar City through other toll road projects of MPTC in Indonesia.
MNP is expected to encourage economic growth, aid in the distribution, logistics and the facilitation of export and import routes and ease the congestion of traffic for the delivery of goods and logistics transportation with its direct access to the Makassar Port.