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Bisnis Indonesia - Pembangunan jalan tol: Akselerasi proyek Bocimi usai masuknya SMI
7 February 2024
By Thomas Mola
The construction of the Bogor-Ciawi-Sukabumi toll road, or Bocimi, is advancing to a new phase following the corporate action conducted by PT Waskita Karya (Persero) Tbk.
In late January 2024, PT Sarana Multi Infrastruktur (Persero) revealed the acquisition of a 25% stake in PT Waskita Toll Road from PT Trans Jabar Tol. Both Waskita Toll Road and Trans Jabar Tol are entities with shares held by Waskita Karya (WSKT).
In addition to divesting 25% of its shares to PT Sarana Multi Infrastruktur (SMI), WSKT made another announcement on January 31, 2024. WSKT disclosed the acquisition of a syndicated loan facilitated through Trans Jabar Tol. The subsidiary secured a loan amounting to Rp3.4 trillion from PT Bank Rakyat Indonesia (Persero) Tbk and SMI, both government-owned entities.
The corporate action involving the share transfer and the syndicated loan received by WSKT's subsidiary is part of the strategic plan to address the delays in the Bocimi toll road project.
The loan received by WSKT’s subsidiary was disbursed amid the legal matter that tangled WSKT.
WSKT is currently undergoing a hearing for a suspension of debt payment (PKPU) filed by PT Bukaka Teknik Utama Tbk and PT Nugroho Abadi Konstruksindo.
Ownership structure
With the involvement of PT SMI, the ownership structure of Trans Jabar Tol has been altered to 74.99% owned by Waskita Toll Road, 25% owned by PT SMI, and 0.01% by Waskita Cooperatives.
According to SMI President Director Edwin Syahruzad, the acquisition of Trans Jabar Tol shares shows the commitment of PT SMI and Waskita Group to support national strategic project (PSN) development for the people.
“We hope that the Bocimi toll road can improve connectivity, access, and time efficiency between Bogor and Sukabumi. Hopefully, it can also be an alternative route to reduce traffic congestion on arterial roads,” he said in his official statement.
The involvement of PT SMI as a shareholder of Trans jabar Tol is also meant to accelerate the construction of the next section of the Bocimi toll road, which is the Cibadak-West Sukabumi section spanning 13.7 kilometres that has commenced construction.
Trans Jabar Tol is a toll road enterprise (BUJT) that works on the Bocimi toll road project in West Java with shares held by West Java Provincial Government.
With the corporate action, the Public Works and Housing (PUPR) Ministry hopes that the Bocimi toll road can be completed in 2024.
Currently, Trans Jabar Tol has completed the construction of the Ciawi-Cigombong and Cigombong-Cibadak sections spanning 27.25 km in total.
The Ciawi-Cigombong section has been operating since 2018. Meanwhile, the Cigombong-Cibadak section has been operating for free since 6 August 2023.
In other words, the construction of the toll road leaves the Cibadak-West Sukabumi section spanning 13.7 km and the West Sukabumi-East Sukabumi section spanning 13.5 km.
The Bocimi toll road is the continuity of the Jagorawi toll road, connecting the Jakarta-Bogor-Pelabuhan Ratu toll road to the Ciawi-Cianjur toll road.
Located in a congested area, the toll road will facilitate traffic to tourist destinations in southern Java and boost the local economic growth of Bogor Regency and Sukabumi Regency.
Waskita Karya President Director Muhammad Hanugroho believes that a strategic partnership with PT SMI would fulfil certain obligations within Waskita Karya's restructuring programme.
He hopes that there will be more cooperation opportunities in the future.
“Inshallah (God willing), it is a start that will benefit not only SMI and Waskita Karya Group, but also people who will use the Ciawi-Sukabumi toll road to West Sukabumi,” he said.
Regarding the syndicated loan from BRI and SMI obtained by Trans Jabar Tol, Waskita’s management explained that the transactional value amounted to 24% of the company’s equity reaching Rp14.24 trillion and 14% of Waskita Toll Road’s equity reaching Rp24.74 trillion in FY22.
“The transaction conducted is an affiliated transaction as WTR (Waskita Toll Road) is the company’s subsidiary and TJT (Trans Jabar Tol) is a subsidiary of WTR. Moreover, the company, BRI, and SMI are controlled by the government,” Waskita Karya’s management wrote.
This transaction represents a shareholder loan refinancing from SMI, a shareholder of Trans Jabar Tol, aimed at settling existing and funding the construction of the Ciawi-Sukabumi toll road section 3 (Cibadak-Sukabumi).
“The transaction is expected to improve the financial condition of TJT and strengthen the working capital for the construction of the Ciawi-Sukabumi toll road section 3.”
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