PP targets to complete stake divestment in two toll road operators by early 2020
JAKARTA - PT Pembangunan Perumahan (Persero) Tbk (PTPP) or PP targets the divestment of its shares in two toll road operators to be completed by early 2020. The two companies are PT Jasamarga Kualanamu Tol and PT Jasamarga Pandaan Malang, which hold the concessions of the Medan-Kuala Namu-Tebing Tinggi and Pandaan-Malang toll roads respectively.
According to PP Planning & Development Director M. Aprindy, the company is currently calculating the valuation of its shares in both companies. “It will probably be completed in the first quarter of 2020,” Mr Aprindy told Bisnis Indonesia, Tuesday (8/10).
Currently PP owns a 15% stake in Jasamarga Kualanamu Tol and 35% in Jasamarga Pandaan Malang. Mr Aprindy explained that there are a number of investors interested in taking over PP’s ownerships in both companies.
“We aim to offload all of our shares,” Mr Aprindy concluded. (MS)