JAKARTA. PT Mandiri Manajemen Investasi (MMI) and PT Jasa Marga (Persero) Tbk. (JSMR) will issue the first sharia asset-backed securities under collective investment contracts (KIK-EBA) in Indonesia, with a target of obtaining Rp 2.5 trillion.
Sales Director of Mandiri Investasi Endang Astharanthi said the product uses the JORR Cilincing-Cikunir toll road as the underlying asset, and it will be launched in the first semester of 2020.
"So, we will securitize the revenue from ticket sales in the next few years," she said during the Mandiri Investasi's Market Outlook 2020 press conference in Jakarta on Thursday (5/3). Jasa Marga will use the proceeds of the securitization to finance the construction of other toll roads.
Two years ago, Jasa Marga issued KIK-EBA with Jagorawi (Jakarta-Bogor-Ciawi) toll road as the underlying asset. However, at that time the KIK-EBA issued was conventional.
Endang said that the company targets a wider market with the sharia KIK-EBA. According to her, sharia KIK-EBA provides more options for investors to invest in this kind of instrument. (AM/AR)