Jasa Marga reportedly plans asset recycling for Mabit toll road
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Investor Daily - Jasa Marga disebut mau asset recycling Tol Mabit
24 February 2025
By Muawwan Daelami
PT Jasa Marga Tbk (JSMR) plans to conduct asset recycling for the Manado-Bitung (Mabit) toll road, which spans 39.90 km in North Sulawesi.
This information was revealed by Sony Sulaksono Wibowo, a member of the Toll Road Regulatory Agency (BPJT) for Stakeholder Elements, during a meeting with Investor Daily last weekend at the Public Works Ministry.
According to Sony, Jasa Marga has been planning to release the Mabit toll road for the past two years. This plan emerged not only due to the low traffic on the Mabit toll road but also because of JSMR's interest burden.
He mentioned that Jasa Marga must spend around Rp200 billion per month on interest, as the traffic on the Mabit toll road falls below expectations. “Jasa Marga is losing money. Additionally, there has been an intention to release it. This means the Mabit toll road will be returned to the government to be retendered,” Sony explained.
Sony mentioned that the low traffic on the Mabit toll road is due to the unattractiveness of the Bitung area. Meanwhile, the Mabit toll road was constructed to support Bitung Port.
Regarding this matter, the Public Works Ministry has fulfilled its role by constructing the Mabit toll road. However, the responsibility to populate the toll road lies with other ministries and regional governments. “Many misunderstood, thinking the Public Works Ministry built an empty toll road. The purpose is not only to construct but to improve connectivity. We built it with the hope of enhancing connectivity. However, it remains underutilised, indicating an issue. It is not being popularised. Who should popularise it? The Transportation Ministry, the Trade Ministry, the Industry Ministry, and regional governments,” Sony stated.
Therefore, it is not surprising that Sony believes the Mabit toll road is why Jasa Marga is losing money. Additionally, after the change in regional leadership, the newly elected governor did not develop Bitung Port. “In the end, it is a loss. The Mabit toll road is a financial burden,” he stated.
Based on Jasa Marga's third-quarter 2024 presentation, the average volume/capacity ratio (VCR) of the Mabit toll road is 0.04, significantly below the optimal ratio of 0.8. This makes the Mabit toll road's VCR the lowest, followed by the Balikpapan-Samarinda toll road with a ratio of 0.08. In contrast, Jasa Marga's toll roads with VCRs exceeding expectations include the Cawang-Tomang-Pluit toll road with a ratio of 0.96, the Jakarta-Tangerang toll road with a ratio of 0.90, and the Pondok Aren-Bintaro Viaduct toll road with a ratio of 0.81.
Investment value at Rp4.95 trillion
Based on data from the BPJT of the Public Works Ministry, the Mabit toll road was constructed using the PPP scheme, with a total investment of Rp4.95 trillion. The 14-km Manado-Airmadidi segment was funded by the APBN, while the Airmadidi-Bitung segment was developed by the toll road business enterprise (BUJT) PT JMB. The toll road has been fully operational since 25 February 2022.
In response to the news about Jasa Marga considering asset recycling for the Mabit toll road, Jasa Marga Corporate Secretary Ari Wibowo stated that the company has not had specific discussions regarding the asset recycling of the Mabit toll road. “In principle, Jasa Marga is open to various opportunities, including asset recycling, especially for toll segments where JSMR is a majority shareholder,” Ari told Investor Daily last weekend.
The state-owned toll road issuer, with the ticker code JSMR, controls the Mabit toll road through the BUJT PT Jasamarga Manado Bitung (JMB). In JMB, the company is the majority shareholder, owning 65% of the shares. The remaining shares are held by PT Wijaya Karya Tbk (WIKA), which owns 20%, and PT PP Tbk (PTPP), which owns 15%.
Previously, WIKA confirmed that the Mabit toll road is one of the assets the company plans to release to improve its liquidity. Additionally, the state-owned construction enterprise (SOE) issuer is planning to divest some of its other toll road assets, such as Soreang-Pasirkoja (Soroja) with a 25% ownership, Balikpapan-Samarinda (Balsam) with a 16.56% ownership, Semarang-Demak with a 25% ownership, Cisumdawu with a 25% ownership, and Probolinggo-Banyuwangi with a 25% ownership. This also includes the Serang-Panimbang toll road, where WIKA is the majority shareholder with a 91.21% ownership.
