AHRP is delighted to have successfully assisted our client PT Waskita Toll Road and its subsidiary PT Waskita Transjawa Toll Road in the IDR 5.8 trillion toll road divestment project involving Indonesia Investment Authority (INA) as the purchaser. This divestment is part of the major loan restructuring deal secured by PT Waskita Karya (Persero), Tbk (IDX: WSKT) last year and put INA’s participation in the toll road business.
The toll road divestment comprised several sequences of work from the selling of Toll Road Business Entities (Badan Usaha Jalan Tol/BUJT), which own the concession of Kanci-Pemalang and Pejagan-Pemalang toll roads, subscribe-and-redemption of Limited Participation Mutual Funds (Reksadana Penyertaan Terbatas/RDPT) in PT Waskita Transjawa Toll Road, and to the novating intra-company loans. AHRP worked intensively with CIMB Niaga Sekuritas and BRI Danareksa Sekuritas in achieving this milestone.
Our team was led by our senior partner Abdul Haris M. Rum, together with senior associates Fadra Heryndra and Aryangga Pradana Febrianto, and assisted by associate Aditya Adam Darmawan.
We hope the completion of this transaction will accelerate infrastructure development in Indonesia to a new height and would like to congratulate all parties on this milepost achievement.