Apr 4, 2012

Jasa Marga to sell Citra Marga shares

The state-controlled toll road operator PT Jasa Marga Tbk (JSMR) is planning to dispose 81.6 million shares in other toll road operator PT Citra Marga Nusaphala Persada Tbk (CMNP).
Jasa Marga has mandated PT Danareksa Sekuritas as the brokerage that manages the shares sale. The operator also intends to resale 24.5 million of treasury shares in a bid to strengthen its capital along with its expansion to construct new toll roads.
Jasa Marga has secured licenses to construct nine toll roads in Jabodetabek, Banten, West Java, Central Java, East Java, and Bali.
The ninth toll roads are JORR Ruas W2N (Kebonjeruk-Ulujami), Bogor Ring Road, Cengkareng-Kunciran, Kunciran-Serpong, Semarang-Solo, Gempol-Pandaan, Gempol-Pasuruan, Benoa-Ngurah Rai-Nusa Dua, and relocation of Porong-Gempol Toll Road.
Of the ninth toll roads, seven roads will be constructed this year. To do so, the company requires Rp25 trillion financing.

Disclosure: No position at the stock mentioned above. 

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