JAKARTA - Kings Ring Limited (KRL) purchased a 15% stake in PT Pembangunan Perumahan (Persero) Tbk (PTPP) in PT Jasamarga Kualanamu Tol (JMKT), the operator of the Kualanamu Toll Road, Medan. This was conveyed by Yuyus Juarsa, Corporate Secretary of PT Pembangunan Perumahan (Persero) Tbk (PTPP) in an information disclosure quoted on Monday (26/4).
He conveyed that the divestment value in the transaction amounted to IDR 412 billion. "The proceeds from the sale of shares will be used for additional working capital and development of infrastructure investment projects," he said.
JMKT is the operator of the 61.7 kilometer (Km) Medan-Kualanamu-Tebing Tinggi toll road which has been operating since 2016. KRL is a subsidiary of Group Road King Expressway International Holding Limited (RKEIH), Hong Kong.
The signing of the share sale and purchase agreement took place last week (22/4) which was attended by, among others, Kartika Wirjoatmodjo, Deputy Minister of BUMN, Hendrika Nora Sinaga, Assistant Deputy for Construction and Housing Services at the Ministry of BUMN, Nover Arsyad, President Director of PTPP, and Fung Tat. Sun Patrick, CEO of Road King Expressway. (LK/LM)