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Japanese firms buy 10% of toll road firm

A group of Japanese companies is acquiring a 10.32-percent stake in an Indonesian toll road operator from a wholly-owned subsidiary of Metro Pacific Tollways Corp. for $35 million.

Metro Pacific Investments Corp. told the stock exchange Tuesday that MPTC through wholly-owned subsidiary, CIIF Infrastructure Holdings Sdn. Bhd., signed an agreement with West Nippon Expressway, Japan Expressway International Co., Ltd. and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development to sell 10.32 percent in PT Margautama Nusantara.

The value of the transaction is about $35 million.

After the transaction, MPTC will continue to hold majority shares in MUN through PT Metro Pacific Tollways Indonesia, which holds an equity interest of 75.89 percent of PT Nusantara Infrastructure Tbk, which owns a 74.98-percent equity interest in MUN.

CIIF will keep 9.68-percent MUN shares from a 20-percent equity interest in MUN.

Topics: Metro Pacific Tollways Corp. , Metro Pacific Investments Corp. , PT Margautama Nusantara
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