PT Waskita Karya (Persero) Tbk, through its subsidiary PT Waskita Toll Road (WTR), cooperates with PT Sarana Multi Infrastruktur (SMI) as a strategic partner to accelerate the construction of the Cimanggis – Cibitung toll road. The entry of SMI into PT Cimanggis Cibitung Tollways (CCT) as the Toll Road Business Entity (BUJT) the concession holder of the Cimanggis - Cibitung toll road is through a share swap mechanism of 55% WTR's share ownership in CCT. The previous share ownership of WTR in CCT was 90%, and after the entry of SMI, the ownership structure in CCT consisted of SMI of 55%, WTR of 35%, and other shareholders of 10%.
The Company's President Director, Destiawan Soewardjono, said that this strategic partnership is a strategic partnership in which one part of the implementation of Waskita's Eight streams of financial restructuring to strengthen its capital structure and improve operational performance. In 2022, the Company targets to partner with strategic partners for Four toll roads, and the Cimanggis – Cibitung toll road is the first/first to be successfully implemented 2022.
"This strategic collaboration is a follow-up to the final stage of the plan to convert WTR's shares with PT SMI by optimizing our toll road concessions. This is in line with Waskita's business strategy in strengthening working capital and supporting the Company's commitment to complete the construction of toll roads, especially national strategic projects set by the Government," said Destiawan.
Destiawan added that the Company also strengthened its majority share ownership position in its subsidiary PT Waskita Toll Road (WTR) by replacing SMI's 4.5%. Share ownership in WTR through conversion to Share ownership in CCT as part of the intended strategic cooperation agreement, it is the second stage of The conversion of SMI's shares in WTR to BUJT owned by WTR. Previously, in June 2021, WTR and SMI had entered into a strategic partnership on the ownership of 20% of WTR's shares in the Semarang - Batang toll road and 34.99% of shares in the Cinere - Serpong toll road.
"We would like to thank SMI for being a strategic partner in supporting sustainable infrastructure development in Indonesia, including accelerating the completion of toll road construction such as the Semarang - Batang, Cinere - Serpong, and Cimanggis - Cibitung sections as well as other toll roads. Currently, the Company is also collaborating with investors, one of which is the Indonesia Investment Authority (INA). This collaboration aims to continue The Strategic partnership as a follow-up to the Heads of Agreement (HoA) in the form of investing in several Trans Java toll roads, and we hope that this can be completed soon," added Destiawan.
For information, The Cimanggis – Cibitung toll road section. It is managed by the BUJT PT Cimanggis Cibitung Tollways, and consists of two sections with a total length of 26.18 Km. Section I (Cimanggis – Jatikarya) has been fully operational since November 2020, while Section II (Jatikarya – Cibitung) is still in the construction stage and is expected to be completed and Fully operated by the end of 2023.
