Hong Kong's First Pacific buys 24.5% stake in Indonesian toll operator for $673 mln (updated)

First Pacific

02/07/2024 01:54

(Adds details on stake purchase in paragraphs 2-4)
       July 2 (Reuters) - First Pacific  0142.HK  has bought a
24.5% stake in PT Jasamarga Transjawa Tol, a unit of Indonesian
toll road operator PT Jasa Marga (Persero)  JSMR.JK , for $673.2
million, the Hong Kong-listed consumer foods firm said on
Tuesday.
    Jasamarga Transjawa Tol is a network of 13 toll roads in the
provinces of west, central and east Java, Indonesia. 
    "The board considers that the First Pacific investments
align with the development strategy of the group, in particular
its infrastructure segment which has already engaged in toll
road business, and can help achieve potential synergy effect,"
First Pacific said in a regulatory filing. 
    The Asia-Pacific region is seeing growing investor interest
in infrastructure assets due to rapid urbanisation, surging
energy demand, and as its population becomes increasingly
affluent and digitised.
    On Monday, Reuters reported that a consortium led by Metro
Pacific Tollways Corp  MPCFF.PK  acquired a stake worth $1
billion in PT Jasamarga Transjawa Tol.

 (Reporting by Poonam Behura in Bengaluru; Editing by Subhranshu
Sahu and Sonia Cheema)
 ((Poonam.Behura@thomsonreuters.com;))