Metro Pacific Tollways Corporation (MPTC) said it will seal the acquisition of a 35 percent stake in an Indonesian state-owned toll road operator in Jakarta this week.
Manuel V. Pangilinan, MPTC chairman, told reporters that they are in the final stages of documentation, with some minor adjustments still being made.
“There’s always issues on documentation, last minute. Remember Jasa Marga is a state-owned enterprise. They have their own systems of approval. It takes a bit more time than the private sector,” Pangilinan said.
The estimated value of the 35 percent stake in Jasamarga Transjawa Tol (JTT), which controls 13 toll roads, falls between $1 billion and $1.5 billion.
Pangilinan expects that Trans Java will contribute around P30 billion annually to MPTC.
JTT boasts the most extensive interconnected toll road network in Java, serving an estimated 750,000 to 800,000 vehicles daily across its 13 toll sections spanning 676 kilometers.
MPTC partnered with Singapore sovereign fund GIC for this acquisition.
In the proposed arrangement, MPTC’s Indonesian subsidiary will secure 20.3 percent of the 35 percent stake, while GIC will hold 10.3 percent and MPTC-led PT Margautama Nusantara will acquire the remaining 4.2 percent.
GIC had previously invested in MPTC’s Indonesian toll road unit, purchasing a 33 percent stake.
Additionally, MPTC secured a new concession project in Indonesia last year for a $1.4 billion, 21.5-kilometer elevated toll road.
The project is slated to commence this month and reach completion by January 2028, with a concession period of 45 years.