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Bisnis Indonesia - Proyek infrastruktur: GGRM punya selera di bisnis jalan tol
5 March 2024
By Alifian Asmaasyi and Thomas Mola
PT Gudang Garam Tbk (GGRM) that is owned by the Wonowidjojo family is venturing into the toll road business alongside other conglomerates. Gudang Garam will construct Kediri-Tulungagung toll road spanning 44.17 km with an investment value of Rp9.92 trillion.
Previously, the conglomerate Agung Sedayu owned by Sugianto Kusuma (also known as Aguan) and Salim Group had also delved into the toll road business with Kamal-Teluknaga-Rajeg toll road. The toll road that spans 38.69 km has an investment cost of Rp23.22 trillion.
Gudang Garam and Agung Sedayu are new players in the toll road business. Meanwhile, Salim Group has delved into the toll road business first through PT Nusantara Infrastructure Tbk (META).
The two toll road projects are similar as both are unsolicited public-private partnership (PPP) projects. Beyond enhancing connectivity, these toll roads will also contribute to sustaining the businesses of their initiators.
For example, besides enhancing connectivity in East Java, Kediri-Tulungagung toll road will also support Dhoho International Airport, also worked on by the issuer with the ticker code GGRM.
The airport that has an investment value of Rp13 trillion is currently waiting for its schedule for commercial operation.
Meanwhile, Kamal-Teluknaga-Rajeg toll road is meant to develop the northern part of Tangerang Regency, encompassing Pantai Indah Kapuk (PIK) 2.
Gudang Garam is certain to delve into the toll road business after the signing of the toll road concession agreement (PPJT) between the government and PT Surya Sapta Agung Tol, GGRM’s subsidiary.
Public Works and Housing (PUPR) Minister Basuki Hadimuljono expresses his gratitude to Gudang Garam that has planned the construction of Kediri-Tulungagung toll road.
According to him, the toll road project is a strategic business decision that also expedites connectivity in East Java.
“Because the toll road will connect Trans-Java toll road to the Pansela (South Coast) national road, providing connectivity to both Mojokerto and Kediri,” Basuki said in his statement.
Tender winner
Referring to Ministerial Letter Number PB 0201-Mn/2954 dated 14 December 2023, PT Gudang Garam Tbk has been designated as the tender winner for the construction of Kediri-Tulungagung toll road spanning 44.17 km.
Previously, on 12 February 2024, PT Gudang Garam Tbk established a toll road business entity called PT Surya Sapta Agung Tol.
The cigarette issuer injected a capital of Rp3.5 trillion into its subsidiary. The PUPR Minister continued that the construction of Kediri-Tulungagung toll road would enhance the economy of locals.
Moreover, Kediri-Tulangagung toll road is located in an area rich with agro-industrial potential and maritime resources.
He said that the toll road owned by Gudang Garam held the capacity to expedite logistics distribution, thereby fostering a positive impact on both industrial productivity and tourism.
The PUPR Ministry, on behalf of the government, will offer technical assistance to ensure the toll road construction quality. This support encompasses everything from design planning to the construction process, which will be closely monitored by the Highways Directorate General.
Meanwhile, the financial aspect will be managed by the Infrastructure Financing Directorate General and the Toll Road Regulatory Agency (BPJT).
The government will also provide support to mitigate the risks of the toll road construction through PT PII that is under the Finance Ministry.
BPJT Head of the PUPR Ministry Miftachul Munir added that the construction Kediri-Tulungagung toll road that has an investment value of Rp9.92 trillion and a concession period of 50 years with PT Surya Sapta Agung Tol as the managing toll road business entity.
Kediri-Tulangagung toll road spanning 44.17 km consists of the Dhoho Airport access in Kediri that spans 6.82 km and the main road segment that spans 37.35 km.
“The toll road has 2x2 lanes and 4 interchanges located in Bulawen Kediri, Mojo, and Tulungagung,” Munir explained.
The construction of Kediri-Tulungagung toll road is planned to commence in the second quarter of 2024. The access to Dhoho Airport in Kediri is set to operate in March 2025.
Then, it will be followed up by the main road segment that will connect Kediri-Mojo-Tulungagung, set to operate in the third quarter of 2025. Previously, at a public expose held on 30 November 2023, Gudang Garam’s management stated that the construction of Kediri-Tulungagung toll road would be carried out in stages, so it would not directly impact the company’s cash flow.
Gudang Garam assures a reduction in capital expenditure (capex) for 2024 compared to the past two years. With the imminent completion of Dhoho Airport construction, the company anticipates that its debt levels will remain stable, avoiding an increase.
“The company is exercising caution by reducing its loan rates and preparing for potential hikes in loan costs that banks may implement due to a rise in non-performing loans,” GGRM wrote.
