China Communications Construction subsidiary to invest in US$ 1.65 billion in Probolinggo-Banyuwangi toll road

17 October 2019 15:04

JAKARTA - PT China Communications Construction Indonesia (CCCI), a subsidiary of China Communications Construction Co, plans to purchase a stake in PT Jasamarga Probolinggo Banyuwangi for US$ 1.65 billion, said Head of the National Development Planning Agency (Bappenas) Bambang Brodjonegoro.

According to PT Jasa Marga (Persero) Tbk (JSMR) Development Director Adrian Priohutomo, the company aims to maintain at least a 51% stake in Jasamarga Probolinggo Banyuwangi, in which it currently owns 94%.

“When CCCI enters, we will maintain our majority. To what percent will depend on the result of the due diligence,” said Mr Priohutomo as quoted by DealStreet Asia, Tuesday (15/10).

The company, Mr Priohutomo added, is currently holding a tender for the construction of the first 30 km of the Probolinggo-Banyuwangi toll road, seeking to break ground next year. (MS)

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