Nusantara infrastructure acquires stake in Trans Java toll road | RISK & OPP – Indonesia Business Post

PT Nusantara Infrastructure (META), through its subsidiary PT Margautama Nusantara (MUN), has joined a consortium comprising Government of Singapore Investment Corporation (GIC) and Metro Pacific Tollways Corporation (MPTC) to acquire a 35 percent stake in PT Jasamarga Transjawa Tol (JTT), the operator of the Trans Java Toll Road.

MPTC, a company affiliated with business tycoon Anthoni Salim through First Pacific Company Ltd, holds a controlling stake of 95.52 percent in META.

The GIC-MPTC consortium includes PT Margautama Nusantara (MUN), PT Metro Pacific Tollways Indonesia Services (MPTIS), and Warrington Investment Pte. Ltd. (WIPL).

This investment will enable the consortium to acquire 35 percent of JTT, which was previously owned by PT Jasa Marga (JSMR).

Jasa Marga plans to sell 6.2 billion shares of JTT to a strategic partner according to the Share Purchase Agreement (PPJB).

Additionally, JTT will issue 1.20 billion new shares to MPTIS under the Conditional Share Subscription Agreement (PPSB).

Upon completion of the equity financing transaction, JSMR’s ownership in JTT will decrease from 99 percent to 65 percent, while the strategic partner will hold 35 percent.

According to the company’s official website, MPTC is the largest toll road developer and operator in the Philippines based on vehicle traffic volume, revenue, assets, and toll road length.

MPTC is the first toll road developer to expand into the rapidly growing Visayas region in the Philippines, initiating the construction of more toll roads in high-growth areas outside Luzon.

Moreover, MPTC is the first Filipino company to hold significant stakes in major infrastructure companies in ASEAN, specifically in Indonesia and Vietnam.

In Indonesia, MPTC has invested in META, which operates toll roads, water ports, and energy generation and distribution facilities.

In Vietnam, MPTC has invested in CII Bridges & Roads Investment Joint Stock Company, a firm specializing in urban infrastructure construction, development, and operation.

MPTC’s long-term vision includes expanding its presence beyond the Philippines and entering non-toll services.

MPTC leads in all financial aspects of the industry, with revenues exceeding 13 million pesos in 2020, according to audited financial reports.

During the pandemic, MPTC managed an average of 700,000 vehicles per day, nearly reaching one million vehicles per day before the pandemic.