Knock! Waskita Karya Divests 25% of Bocimi Toll Assets to PT SMI, Here are the Details

PT Waskita Karya (Persero) Tbk (WSKT) officially divested its share assets of PT Trans Jabar Tol (PT TJT) to PT Sara Multi Infrastruktur (Persero) or PT SMI. PT TJT is a WSKT entity that holds the Bocimi toll road concession connecting Bogor and Sukabumi with a length of 54 km.

In detail, SMI bought 25% of the shares in PT TJT which are owned by PT Waskita Toll Road (WTR) as the parent of TJT. So, TJT’s shareholder structure is now 74.99% held by WTR, and SMI controls 25%, followed by Waskita Cooperative with 0.01%.

Waskita Karya President Director, Muhammad Hanugroho said, this strategic partnership will resolve some of Waskita Karya’s obligations in its restructuring program.

“God willing, this is an initial journey that will provide blessings not only to PT SMI and Waskita Karya Group, but also to the people who will use the Ciawi Sukabumi toll road to West Sukabumi,” said Hanugroho or who is familiarly called Oho in an official statement, quoted Monday (29/1/2024).

Oho emphasized that his party is opening up opportunities for potential collaboration with various parties. The entry of PT SMI as a shareholder of PT TJT aims to accelerate the completion of the next construction of the Bocimi toll road, namely the 13.7 km Cibadak – West Sukabumi section, construction of which has already begun.

Previously, PT TJT had completed the construction of the Ciawi – Cigombong section and the Cigombong – Cibadak section with a total length of 27.25 km. The Ciawi – Cigombong section has been operating since 2018, while the Cigombong – Cibadak section started operating without tariffs on August 6 2023.

Sambung Oho added that synergy with SMI could support infrastructure development goals in Indonesia. He believes that this strategic partnership between PT SMI and PT WTR can support PT TJT in obtaining funding sources to complete the Bocimi toll road project.

“Through the completion and operation of the Bocimi toll road, connectivity in the West Java region is increasing. “So it will be a positive catalyst in supporting the improvement of the local economy and can have a positive impact on people’s standard of living,” he explained.

President Director of PT SMI, Edwin Syahruzad explained, this share acquisition shows the commitment of PT SMI and Waskita Group in supporting National Strategic Projects that are beneficial to society.

“We hope that the Bocimi section can improve connectivity, access and save travel time between Bogor and Sukabumi, as well as becoming an alternative route to reduce congestion on arterial roads,” added Edwin.

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