Waskita Toll Road Injects Rp 47.2B to Jasa Marga Subsidiary for Trans-Java Toll Project
Waskita Karya Toll Road, a subsidiary of state-controlled construction company Waskita Karya, has given Rp 47.2 billion ($3.6 million) to Ngawi Kertosono Jaya, the company’s joint venture with state toll road operator Jasa Marga, to help finance a section of the Trans-Java toll road in East Java.
Waskita Toll Road owns a 40 percent stake in NKJ, which is responsible for constructing an 87-kilometer stretch of the Ngawi-Kertosono toll road connecting Ngawi, a regency in East Java, and Kertosono, a sub-district of Nganjuk, also in East Java.
Jasa Marga controls 59.9 percent of NKJ and the remaining stake is owned by the toll-road’s previous concession holder Ferino Putra.
NKJ secured a Rp 3.37 trillion syndicated loan from Bank Rakyat Indonesia, Bank Mandiri and Bank Negara Indonesia for the project in April. The Trans-Java toll road, when it is done, will stretch for more than 1,000 kilometers from Merak in Banten to Banyuwangi in East Java.
source: jakartaglobe.beritasatu.com