Metro Pacific and GIC ink $1 bln deal for stake in Indonesian toll road operator (updated)

First Pacific

02/07/2024 04:32

(Rewrites throughout with further details and background)
       July 2 (Reuters) - Philippine-based Metro Pacific
Tollways and Singapore sovereign wealth fund GIC have taken a
stake worth $1 billion in a unit of Indonesian toll road
operator PT Jasa Marga  JSMR.JK , the Philippine firm's Hong
Kong-listed parent First Pacific  0142.HK  said on Tuesday.
        Shares in the Indonesian toll road operator jumped as
much as 3.5% to 5125 rupiah, their highest since June 12. First
Pacific shares were up 1.7% at HK$3.69.  
  
    Units owned by Philippine's Metro Pacific Investments
 MPCFF.PK , PT Margautama Nusantara and PT Metro Pacific
Tollways Indonesia Services have taken a 24.5% stake in
Jasamarga Transjawa Tol for $673.2 million, First Pacific said.
        GIC and Metro Pacific Tollways will pick up the rest of
the stake, the statement said.
  
    The move comes as the Hong Kong-listed firm and its
affiliates move to tap into the growing investor and customer
demand in Asia Pacific for infrastructure assets.
    Jasamarga Transjawa Tol is a network of 13 toll roads in the
provinces of west, central and east Java, Indonesia. 
    MPTC is already a major toll-road operator in Southeast Asia
with investments in Indonesia via Nusantara Infrastructure
 META.JK  and Vietnam-based CII Bridges and Roads Investment
 LGC.HM  
    

 (Reporting by Poonam Behura and Rishav Chatterjee in Bengaluru;
Editing by Subhranshu Sahu, Sonia Cheema and Nivedita
Bhattacharjee)
 ((Poonam.Behura@thomsonreuters.com;))