PT Waskita Karya (Persero) Tbk through its subsidiary PT Waskita Toll Road (“WTR”) has provided Shareholder Loan (“SHL”) sourced from State Equity Participation (“PMN”) of Rp622.53 billion to PT Cimanggis Cibitung Tollways (“CCT”). This PMN fund allocation will be used to complete the construction of the Cimanggis – Cibitung Toll Road segment on/off ramp Jatikarya – Cikeas Interchange (Section 2A) which is targeted for completion in July 2022. Meanwhile, the Cimanggis – Cibitung Toll Road is targeted for complete completion in January 2023.
"With the allocation of 2021 PMN funds for the Cimanggis - Cibitung Toll Road Section 2A, the Company is optimistic that revenue from construction services will increase along with the completion of the toll road," said Destiawan.
The Company has also signed a Conditional Sale and Purchase Agreement (“PJBB”) for the Cimanggis – Cibitung Toll Road with PT Sarana Multi Infrastruktur (“SMI”) on December 30, 2021. “With the completion of this toll road and the signing of PPJB with PT SMI, the divestment process can run smoothly so as to increase liquidity, reduce interest expenses and reduce the Company's debt balance through deconsolidation. The CCT divestment is one of the 3-4 toll road divestment targets that will be executed by the Company this year," added Destiawan.