China Communications Construction unit to invest $1.65 billion in Indonesian toll road
JAKARTA (Reuters) - China Communications Construction Co’s (601800.SS) Indonesian subsidiary will buy a stake in a company which won a contract to build a 170-km (106 miles) toll road in the southeast Asian country.
PT China Communications Construction Indonesia (CCCI) will pay 23.3 trillion rupiah ($1.65 billion) for a stake in PT Jasamarga Probolinggo Banyuwangi, a unit of Indonesian state-owned toll road operator Jasa Marga (JSMR.JK), Bambang Brodjonegoro, Indonesia’s planning minister said.
The Jasa Marga unit will build a toll road connecting the city of Probolinggo to Banyuwangi in the eastern side of the main Java island, Brodjonegoro’s presentation showed.
Jasa Marga, which currently controls 94% of the subsidiary, will aim to maintain at least a 51% stake in its unit, its director Adrian Priohutomo said, though he did not disclose how much capital the state firm would have to provide to maintain that level.
“When CCCI enters, we will maintain our majority, to what percent will depend on the result of the due diligence,” he said.
Priohutomo said the company is currently holding a tender for the construction of the first 30 km, aiming to break ground next year.
Minister Brodjonegoro also witnessed customised supply chain financing agreements between ICDX Logistik Berikat, a subsidiary of Indonesia’s commodity exchange, with state construction firm Wijaya Karya and Jasa Sarana, a construction company owned by the West Java government, worth a total of 6 trillion rupiah.
The planning ministry has been arranging infrastructure financing deals to reduce the state’s funding burden.
Source: Reporting by Tabita Diela, editing by Louise Heavens; Writing by Gayatri Suroyo
https://www.reuters.com/article/us-indonesia-china-communications/china-communications-construction-unit-to-invest-1-65-billion-in-indonesian-toll-road-idUSKBN1WT1I5
PT China Communications Construction Indonesia (CCCI) will pay 23.3 trillion rupiah ($1.65 billion) for a stake in PT Jasamarga Probolinggo Banyuwangi, a unit of Indonesian state-owned toll road operator Jasa Marga (JSMR.JK), Bambang Brodjonegoro, Indonesia’s planning minister said.
The Jasa Marga unit will build a toll road connecting the city of Probolinggo to Banyuwangi in the eastern side of the main Java island, Brodjonegoro’s presentation showed.
Jasa Marga, which currently controls 94% of the subsidiary, will aim to maintain at least a 51% stake in its unit, its director Adrian Priohutomo said, though he did not disclose how much capital the state firm would have to provide to maintain that level.
“When CCCI enters, we will maintain our majority, to what percent will depend on the result of the due diligence,” he said.
Priohutomo said the company is currently holding a tender for the construction of the first 30 km, aiming to break ground next year.
Minister Brodjonegoro also witnessed customised supply chain financing agreements between ICDX Logistik Berikat, a subsidiary of Indonesia’s commodity exchange, with state construction firm Wijaya Karya and Jasa Sarana, a construction company owned by the West Java government, worth a total of 6 trillion rupiah.
The planning ministry has been arranging infrastructure financing deals to reduce the state’s funding burden.
Source: Reporting by Tabita Diela, editing by Louise Heavens; Writing by Gayatri Suroyo
https://www.reuters.com/article/us-indonesia-china-communications/china-communications-construction-unit-to-invest-1-65-billion-in-indonesian-toll-road-idUSKBN1WT1I5
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JAKARTA - Chairman of the MPR RI Bambang Soesatyo invites PT Jakarta Monorail, the Provincial Government of DKI Jakarta, as well as the central government through the Ministry of SOEs and the Ministry of Public Works and Public Housing, to immediately sit down together to find the best solution in completing the Jakarta Monorail development project. Considering the construction project has been planned for a long time. It started during the reign of President Megawati Soekarnoputri, who inaugurated the construction of the Jakarta Monorail with the Governor of DKI Jakarta Sutiyoso on June 14, 2004.
In 2008, DKI Jakarta Governor Fauzi Bowo stopped the project. In June 2013, when DKI Jakarta was led by Governor Joko Widodo, work on the Jakarta Monorail project was resumed. Even on October 3, 2013, PT Jakarta Monorail agreed to cooperate with a Chinese SOE, China Communication Construction Company Ltd (CCCC) to develop the Jakarta Monorail project. The signing of the cooperation agreement was witnessed by President Susilo Bambang Yudhoyono and Chinese President Xi Jinping at the Shangrila Hotel, Jakarta. Unfortunately, the construction project was then stopped again in 2014 when DKI Jakarta was led by Governor Basuki Tjahaja Purnama. Until the change of leadership to Governor Anies Baswedan, the fate of the construction of the Jakarta Monorail project has not yet come to light.
"Before the project stalled, the consortium had built 90 units of Jakarta Monorail poles. They were spread out along Jalan Rasuna Said and Jalan Asia Afrika. The investment spent has reached Rp 300-400 billion. The total investment required is USD 1.5 billion or approx. Rp 15-16 trillion, without APBN/APBD, purely Business to Business. China Communication Construction Company Indonesia (CCCI) as an extension of China Communication Construction Company Ltd (CCCC) has prepared the Investment and only need too sort things out in Indonesia, then construction of the Jakarta Monorail can be completed immediately. It is even targeted to be completed before 2024," said Bamsoet after receiving the CCCI board of directors, in the Work Room of the Chairperson of the Indonesian People's Consultative Assembly, Jakarta, Monday (29/11/21).
The CCCI Directors who attended included President Director Wang Wei, Business Development Director Titien S. Syukur, Marketing Director Fan Wenhua, and Marketing Specialist Larisa Isara.
The chairman of the 20th DPR RI explained that the Jakarta Monorail is planned to have 28 stations with 2 depots. The track length reaches 28 Km. Along 14.3 km, it is on the Green Line which has 15 stations with 1 depot. The routes taken include Madya Stadium - Palmerah - Pejompongan - Karet Interchange - Sudirman Dukuh Atas - North Setiabudi - Kuningan Sentral - Casablanca Interchange - Patra Kuningan - Gatot Subroto - Satria Mandala - Komdak - SCBD - Gelora Bung Karno - Asia Africa - and ends at the North Setiabudi Depot.
"Along the other 13.7 Km Jakarta Monorail is located on Blue Lines which has 13 stations with 1 depot. The routes taken include Kampung Melayu - Tebet - Menteng Dalam - Casablanca Interchange - Prof. Dr. Satrio - Sudirman Sampoerna - Menara Batavia - Karet Interchange - Tanah Abang - Cideng - Kyai Caringin - Tomang - Orchid Garden - and ends at the West Flood Canal depot," explained Bamsoet.
The Head of the Law Enforcement, Security and Defense Relations Agency of the Indonesian Chamber of Commerce and Industry (KADIN) explained that the MRT and Transjakarta also cross the various routes traversed by the Jakarta Monorail. So it really helps the mobility of residents, encouraging residents to no longer use private vehicles. It also shows the world that the development of mass transportation in Indonesia is not inferior to other developed countries such as Singapore, Malaysia, Thailand, China, Hong Kong, and Japan.
"Completion of the Jakarta Monorail project can also help tidy up PT Adhi Karya's finances. It also shows the world that the state-owned construction company has successfully become part of the development of mass transportation. So that in the future there will be no more investors who are worried about investing in Indonesia, especially in collaborating with SOEs as an investment partner," explained Bamsoet.
The Deputy Chairperson of the Golkar Party emphasized that the completion of the Jakarta Monorail project also shows the world that the central government, regional governments, and state-owned enterprises can always synergize and cooperate with each other. Support each other.
"It strengthens Indonesia's position in the eyes of world investors. It shows the world that Indonesia is very serious in working on various development projects. So that not a single development project is stalled," concluded Bamsoet.
JAKARTA - Chairman of the MPR RI Bambang Soesatyo invites PT Jakarta Monorail, the Provincial Government of DKI Jakarta, as well as the central government through the Ministry of SOEs and the Ministry of Public Works and Public Housing, to immediately sit down together to find the best solution in completing the Jakarta Monorail development project. Considering the construction project has been planned for a long time. It started during the reign of President Megawati Soekarnoputri, who inaugurated the construction of the Jakarta Monorail with the Governor of DKI Jakarta Sutiyoso on June 14, 2004.
In 2008, DKI Jakarta Governor Fauzi Bowo stopped the project. In June 2013, when DKI Jakarta was led by Governor Joko Widodo, work on the Jakarta Monorail project was resumed. Even on October 3, 2013, PT Jakarta Monorail agreed to cooperate with a Chinese SOE, China Communication Construction Company Ltd (CCCC) to develop the Jakarta Monorail project. The signing of the cooperation agreement was witnessed by President Susilo Bambang Yudhoyono and Chinese President Xi Jinping at the Shangrila Hotel, Jakarta. Unfortunately, the construction project was then stopped again in 2014 when DKI Jakarta was led by Governor Basuki Tjahaja Purnama. Until the change of leadership to Governor Anies Baswedan, the fate of the construction of the Jakarta Monorail project has not yet come to light.
"Before the project stalled, the consortium had built 90 units of Jakarta Monorail poles. They were spread out along Jalan Rasuna Said and Jalan Asia Afrika. The investment spent has reached Rp 300-400 billion. The total investment required is USD 1.5 billion or approx. Rp 15-16 trillion, without APBN/APBD, purely Business to Business. China Communication Construction Company Indonesia (CCCI) as an extension of China Communication Construction Company Ltd (CCCC) has prepared the Investment and only need too sort things out in Indonesia, then construction of the Jakarta Monorail can be completed immediately. It is even targeted to be completed before 2024," said Bamsoet after receiving the CCCI board of directors, in the Work Room of the Chairperson of the Indonesian People's Consultative Assembly, Jakarta, Monday (29/11/21).
The CCCI Directors who attended included President Director Wang Wei, Business Development Director Titien S. Syukur, Marketing Director Fan Wenhua, and Marketing Specialist Larisa Isara.
The chairman of the 20th DPR RI explained that the Jakarta Monorail is planned to have 28 stations with 2 depots. The track length reaches 28 Km. Along 14.3 km, it is on the Green Line which has 15 stations with 1 depot. The routes taken include Madya Stadium - Palmerah - Pejompongan - Karet Interchange - Sudirman Dukuh Atas - North Setiabudi - Kuningan Sentral - Casablanca Interchange - Patra Kuningan - Gatot Subroto - Satria Mandala - Komdak - SCBD - Gelora Bung Karno - Asia Africa - and ends at the North Setiabudi Depot.
"Along the other 13.7 Km Jakarta Monorail is located on Blue Lines which has 13 stations with 1 depot. The routes taken include Kampung Melayu - Tebet - Menteng Dalam - Casablanca Interchange - Prof. Dr. Satrio - Sudirman Sampoerna - Menara Batavia - Karet Interchange - Tanah Abang - Cideng - Kyai Caringin - Tomang - Orchid Garden - and ends at the West Flood Canal depot," explained Bamsoet.
The Head of the Law Enforcement, Security and Defense Relations Agency of the Indonesian Chamber of Commerce and Industry (KADIN) explained that the MRT and Transjakarta also cross the various routes traversed by the Jakarta Monorail. So it really helps the mobility of residents, encouraging residents to no longer use private vehicles. It also shows the world that the development of mass transportation in Indonesia is not inferior to other developed countries such as Singapore, Malaysia, Thailand, China, Hong Kong, and Japan.
"Completion of the Jakarta Monorail project can also help tidy up PT Adhi Karya's finances. It also shows the world that the state-owned construction company has successfully become part of the development of mass transportation. So that in the future there will be no more investors who are worried about investing in Indonesia, especially in collaborating with SOEs as an investment partner," explained Bamsoet.
The Deputy Chairperson of the Golkar Party emphasized that the completion of the Jakarta Monorail project also shows the world that the central government, regional governments, and state-owned enterprises can always synergize and cooperate with each other. Support each other.
"It strengthens Indonesia's position in the eyes of world investors. It shows the world that Indonesia is very serious in working on various development projects. So that not a single development project is stalled," concluded Bamsoet.
JAKARTA (Reuters) - China Communications Construction Co’s (601800.SS) Indonesian subsidiary will buy a stake in a company which won a contract to build a 170-km (106 miles) toll road in the southeast Asian country.
PT China Communications Construction Indonesia (CCCI) will pay 23.3 trillion rupiah (.65 billion) for a stake in PT Jasamarga Probolinggo Banyuwangi, a unit of Indonesian state-owned toll road operator Jasa Marga (JSMR.JK), Bambang Brodjonegoro, Indonesia’s planning minister said.
The Jasa Marga unit will build a toll road connecting the city of Probolinggo to Banyuwangi in the eastern side of the main Java island, Brodjonegoro’s presentation showed.
Jasa Marga, which currently controls 94% of the subsidiary, will aim to maintain at least a 51% stake in its unit, its director Adrian Priohutomo said, though he did not disclose how much capital the state firm would have to provide to maintain that level.
“When CCCI enters, we will maintain our majority, to what percent will depend on the result of the due diligence,” he said.
Priohutomo said the company is currently holding a tender for the construction of the first 30 km, aiming to break ground next year.
Minister Brodjonegoro also witnessed customised supply chain financing agreements between ICDX Logistik Berikat, a subsidiary of Indonesia’s commodity exchange, with state construction firm Wijaya Karya and Jasa Sarana, a construction company owned by the West Java government, worth a total of 6 trillion rupiah.
The planning ministry has been arranging infrastructure financing deals to reduce the state’s funding burden.
Source: Reporting by Tabita Diela, editing by Louise Heavens; Writing by Gayatri Suroyo
https://www.reuters.com/article/us-indonesia-china-communications/china-communications-construction-unit-to-invest-1-65-billion-in-indonesian-toll-road-idUSKBN1WT1I5
PT China Communications Construction Indonesia (CCCI) will pay 23.3 trillion rupiah (.65 billion) for a stake in PT Jasamarga Probolinggo Banyuwangi, a unit of Indonesian state-owned toll road operator Jasa Marga (JSMR.JK), Bambang Brodjonegoro, Indonesia’s planning minister said.
The Jasa Marga unit will build a toll road connecting the city of Probolinggo to Banyuwangi in the eastern side of the main Java island, Brodjonegoro’s presentation showed.
Jasa Marga, which currently controls 94% of the subsidiary, will aim to maintain at least a 51% stake in its unit, its director Adrian Priohutomo said, though he did not disclose how much capital the state firm would have to provide to maintain that level.
“When CCCI enters, we will maintain our majority, to what percent will depend on the result of the due diligence,” he said.
Priohutomo said the company is currently holding a tender for the construction of the first 30 km, aiming to break ground next year.
Minister Brodjonegoro also witnessed customised supply chain financing agreements between ICDX Logistik Berikat, a subsidiary of Indonesia’s commodity exchange, with state construction firm Wijaya Karya and Jasa Sarana, a construction company owned by the West Java government, worth a total of 6 trillion rupiah.
The planning ministry has been arranging infrastructure financing deals to reduce the state’s funding burden.
Source: Reporting by Tabita Diela, editing by Louise Heavens; Writing by Gayatri Suroyo
https://www.reuters.com/article/us-indonesia-china-communications/china-communications-construction-unit-to-invest-1-65-billion-in-indonesian-toll-road-idUSKBN1WT1I5
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