Infrastructure company PT Astratel Nusantara, a wholly owned subsidiary of PT Astra International Tbk (ASII), has agreed to acquire 95% shareholding in a toll road operator dubbed PT Marga Hanurata Intrinstic worth Rp750 billion from PT Natpac Graha Arthamas.
Astratel signed the acquisition agreement on August 25 2011, entitling the company a right to operate 40.5 km toll road Kertosono-Mojokerto in East Java. Marga Hanurata is a company that has obtained an operator license for the toll road from Toll Road Authority Agency.
"We will use internally generated cash flow of Astra International. The acquisition is the next path of the Astra Group strategy in the infrastructure business, especially toll road," said Chief of Corporate Communications Arief Istanto in a press statement.
Post acquisition, Astratel will own and operate three toll roads, 72.5 km Tangerang-Merak, operated by PT Marga Mandalasakti, and 11.2 km Kunciran-Serpong, that is jointly operated with PT Jasa Marga Tbk.
Disclosure: No position at the stock mentioned above.
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