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State-owned turnpike operator PT Jasa Marga expects to take
in up to Rp 3.67 trillion (about US$404 million) from the company's
initial public offering, the IPO's underwriter says.
"The price of the shares to be sold during the IPO will be between Rp
1,400 and Rp 1,800 each," Andi Sidharta, a director Bahana Securities,
said here Monday.
Andi said that the company would sell about 2.04 billion shares, or 30
percent of its total shares, during the IPO, which would be launched in
November.
After the IPO, the company will be 30 percent owned by public and 70
percent by the government.
Jasa Marga president director Frans S. Sunito said that 90 percent of
the IPO proceeds would be used as equity participation in company
subsidiaries that were currently developing toll road projects,
including the Bogor Ring Road, and the Gempol-Pasuruan and
Semarang-Solo toll roads, whole the remaining 10 percent would be used
to improve the capacity of existing tollways.
Frans estimated that the three toll road projects, spanning a total of
119 km, would cost around Rp 10.84 trillion.
"In the last three years, we have built 60.2 km of toll roads,
including the Cipularang toll road and the Jakarta Outer Ring Road
(JORR)," he added.
Frans was optimistic that Jasa Marga, with the additional funds from
the IPO, would put in a better financial performance in the coming
years.
He said that revenue for 2007 was set to meet the initial target thanks
to the recent increase in road toll.
He added that Jasa Marga was also currently completing a Rp 4 trillion
toll road project linking Cengkareng, Kunciran in West Jakarta and
Serpong in Tangerang. The 26 km expressway is the second phase of the
JORR project, which includes the Jati Asih-Cikunir tollway in the
eastern part of the city.
The Jati Asih-Cikunir tollway, which links the Jagorawi,
Jakarta-Cikampek and Jakarta-Serpong tollways began operation in August
this year.
In the first semester, Jasa Marga earned Rp 1.16 trillion in revenue
and Rp 72.6 billion in net profit. It had total assets of Rp 10.39
trillion. Of its mid-year revenue, 76 percent was earned from toll
roads in the greater Jakarta area.
Established in 1978, Jasa Marga now operates 496 km out of the 630 km
of tollways in Indonesia.
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