Metro Pacific and GIC to take stake worth $1 bln in Indonesian toll road-operator (updated)

Metro Pacific Investments

01/07/2024 11:05

(Adds details and background throughout)
       July 1 (Reuters) - 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  JSMR.JK , 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  MPCFF.PK  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
 META.JK  and Vietnam-based CII Bridges and Roads Investment
 LGC.HM . 
    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. 
    

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Shilpi
Majumdar)
 ((Rishav.Chatterjee@thomsonreuters.com;))