Acset receives Rp 5.5 trillion for the payment of Japek II elevated toll road project
JAKARTA - PT Acset Indonusa Tbk (ACST) has received payment for the completion of the construction of the Jakarta-Cikampek II (Japek II) Elevated Toll Project, which was undertaken jointly with PT Waskita Karya (Persero) Tbk (Waskita) under the Operational Cooperation (KSO) scheme.
The payment received by KSO from PT Jasamarga Jalanlayang Cikampek (JJC) on March 12, 2020 was 95% of the overall value of the Japek II project. Meanwhile, payment of the 100% progress will be carried out by JJC at a later stage in accordance with the agreement between JJC and KSO Waskita-Acset. Based on the share of the KSO portion, namely 51% Waskita and 49% Acset, the payment that Acset received was Rp 5.5 trillion excluding VAT.
Japek II is Acset's largest contract value in the pre-financing contractor (CPF) scheme. "Receiving this payment will eliminate Acset funding costs from the Japek II Project in the future. This will also improve the performance of cash flow and working capital that Acset has," said Acset President Director, Jeffrey G.
With a length of 38 kilometers, Japek II Toll Road is known as the longest elevated toll road in Indonesia. This toll road is intended to overcome the congestion problem found on the Jakarta-Cikampek I (existing) Toll Road, which is known as the busiest toll road in Indonesia. Japek II Toll Road is one of Acset's prestigious projects which at the same time is a tangible form of cooperation between the government and the private sector in the acceleration of Indonesia's infrastructure development program. (LM)