Metro Pacific Tollways and Singapore sovereign wealth fund, GIC, will take up a stake worth $1 billion in a unit of Indonesian toll road operator, PT Jasa Marga, the affiliate of the Philippines’ Metro Pacific Investments said on Monday.
The companies would take up a 35% stake in Jasamarga Transjawa Tol, which is a network of 13 toll roads in the provinces of west, central and east Java.
Reuters had reported in March that a consortium led by Metro Pacific Tollways was in advanced talks to take up a minority stake in the unit of the state-owned Indonesian peer.
Metro Pacific Tollways is also the biggest toll road operator in the private sector among its Southeast Asian rivals. It has investments in Indonesia via Nusantara Infrastructure and Vietnam-based CII Bridges and Roads Investment.
Metro Pacific’s toll arm is buying the stake through two of its Indonesian units — PT Margautama Nusantara and PT Metro Pacific Tollways Indonesia Services.
Reuters