news     April 28, 2021

SMI Acquisites Two Waskita Toll Roads

PT Waskita Karya Tbk (WSKT) share ownership in two toll roads was officially sold to PT Sarana Multi Infrastruktur (Persero). The transaction value is Rp 2.69 trillion.

The debt problem, which has been said to have hampered the movement of PT Waskita Karya Tbk (WSKT) shares, is slowly starting to be resolved. The latest news, WSKT through its subsidiary, PT Waskita Toll Road (WTR) signed a conditional sale purchase agreement (CSPA) with PT Sarana Multi Infrastruktur (SMI).

Through an agreement with SMI, WTR agreed to a share swap and divestment transaction with cash payment. With this, SMI has officially acquired two toll roads belonging to WTR.

Based on an official statement from WSKT, Tuesday (13/4), the company divested 20% of WTR’s shares in the Semarang – Batang (JSB) toll road and 34.99% of WTR’s shares in Cinere – Serpong (CSJ) to SMI. So far, it is known as a state-owned company that focuses on infrastructure financing. His job is to be a catalyst in accelerating infrastructure development in Indonesia.

After the transaction, SMI became the owner of 10.62% of WTR’s shares. The conversion transaction value of 10.62% of SMI’s shares in WTR of Rp 2.69 trillion was carried out in two stages. The first stage is the conversion of 6.12% shares amounting to Rp 1.55 trillion with two toll road business entities (BU JT), namely 13.2% ownership of WTR shares in JSB equivalent to Rp 1 trillion and all WTR shares in CSJ amounting to Rp 550 billion.

The remaining 6.8% of WTR’s share ownership in BU JT JSB and CSJ will be used for the conversion of SMI’s shares in WTR to Waskita. President Director of Waskita Toll Road, Septiawan Andri explained, after signing the CSPA, WTR must meet administrative requirements and ensure that the divestment process is carried out properly and complies with applicable regulations. This was done before the signing of the sale purchase agreement (SPA) between WTR and SMI.

Fery added, in the CSPA, two agreements were made between Waskita and SMI to purchase SMI’s shares in WTR and WTR with SMI to take over WTR’s shares in BU JT. The parties agreed that most of the use of the sale and purchase of shares in BU JT JSB and CSJ will be used for the conversion of SMI shares in WTR to Waskita.

President Director of Waskita Toll Road, Septiawan Andri explained, after signing the CSPA, WTR must meet administrative requirements and ensure that the divestment process is carried out properly and complies with applicable regulations. This was done before the signing of the sale purchase agreement (SPA) between WTR and SMI.

“The divestment activity is WTR’s strategy to optimize the portfolio of toll road concessions owned and to support the acceleration of the completion of toll road construction as part of support for the government’s plan in infrastructure, especially toll roads,” said Andri.

The 75 km Semarang – Batang toll road is one of the Trans Java toll roads that has been fully operational since December 2018. This section is an important route in Trans Java that connects the western part of Java to the capital city of Central Java.

Meanwhile, the Cinere – Serpong section is part of the JORR 2 toll road network that connects Jakarta and South Tangerang, one of which is section I, which has operated for 6.59 km of a total length of 10.14 km.

 

Source: Investor Magazine, April 28, 2021 page 8

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