Astra Infra to Control Java Toll Networks

By Editorial Team 27/09/2019
Summary

Canadian private pension fund intends to increase the ownership of Cikopo-Palimanan toll road. The CEO of Astra Infra’s toll road business group, Kris Ade Sudiyono, revealed to Kontan that PT Baskhara Utama Sedaya (BUS), one of Astra Infra’s sub holdings, would team up with Canada Pension Plan Investment Board (CPPIB) to increase the ownership in PT Lintas Marga Sedaya (LMS), the toll operator and concession holder, to 55 percent. Currently, BUS owns around 45 percent of the total shares.

Nikkei Asian Review revealed that CPPIB initiated the announcement to purchase 45 percent of LMS’ stake. The purchase marked the first Canadian pension fund’s investment in the Indonesian infrastructure sector. Afterward, the company would partner up with BUS to acquire more LMS’s stake from PLUS Expressways International Berhad. The collaboration would increase BUS’ ownership in LMS to 55 percent, while CPPIB would own the rest. The value of the acquisition reportedly would reach US$ 500 million or Rp 7 trillion.

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