GGRM - PT. Gudang Garam Tbk

Rp 22.275

-350 (-1,57%)

JAKARTA. The Kediri-Tulungagung Toll Road Project that was initiated by PT Gudang Garam Tbk (GGRM) will enter the Toll Road Concession Agreement in 2023.

Danang Parikesit, Head of Toll Road Regulatory Agency, said that the concession agreement is estimated to take place at the end of 2023. "The concession agreement for the Kediri-Tulungagung Toll Road in the fourth quarter in 2023," he said, as quoted by CNBC Indonesia.

Currently, the Kediri-Tulungagung Toll Road is still within the evaluation phase of users' pre-qualification documents. However, GGRM has been dubbed as the winner of the tender pre-qualification stage.

After the concession agreement, the project will then be entailed by the funding process, the technical planning, and the construction itself, which will be the longest process.

For information, the Kediri-Tulungagung Toll Road Project has been included in the President Regulation No.80/2019 regarding the economic development in the northern to southern area of East Java. The investment for the Kediri-Tulungagung Toll Road construction is projected to IDR 10.25 trillion. (KR/ZH)