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PT Bakrie Toll Indonesia (BTI), the toll road unit of Indonesian conglomerate Bakrie Group, has completed the acquisition of a 100% stake in PT Cimanggis Cibitung Tollways (CCT), the company announced Friday, November 28th.
The deal involved the purchase of shares from PT Sarana Multi Infrastruktur (Persero) (SMI) and PT Waskita Toll Road (WTR). Bakrie Group previously held a 10% stake in CCT, held directly by BTI and its parent company, PT Bakrie & Brothers Tbk (BNBR).
“This transaction represents a strategic opportunity for the company to acquire full ownership of CCT, currently held 55% by SMI and 35% by WTR,” said Anindya N. Bakrie, Director and CEO of BNBR, in a written statement. “It aligns with the divestment plans of both SMI and WTR.”
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Anindya Bakrie, also known as Anin, stated that the acquisition provides a timely opportunity to consolidate full ownership of CCT. The move is expected to optimize business synergies, enhance operational and strategic control over the toll road asset, and contribute to the consolidated earnings of the Bakrie Group.
“The primary consideration for this transaction is to strengthen the Group’s position in the national infrastructure sector, in line with the company’s long-term business strategy focused on infrastructure and manufacturing development,” he explained. This acquisition underscores the Bakrie Group’s commitment to expanding its infrastructure portfolio.
A. Ardiansyah Bakrie, Deputy Director of BNBR, added that the acquisition involved the purchase of 72,000,000 shares, representing approximately 90% of all issued and fully paid-up shares in CCT.
Specifically, 44,000,000 shares were acquired from SMI (representing a 55% stake) and 28,000,000 shares from WTR (representing a 35% stake). The total value of the acquisition reached Rp 1 trillion (approximately $64.5 million USD based on current exchange rates).
The deal also includes the assumption of Rp 2.565 trillion (approximately $164 million USD) in receivables owed to SMI and WTR by CCT, representing outstanding loans from the shareholders. Despite this, the acquisition is considered strategically important due to the Cimanggis-Cibitung toll road’s key location.
“The Cimanggis-Cibitung toll road is highly strategic, serving as an alternative route to alleviate congestion on other toll roads, particularly the Jakarta-Cikampek toll road,” Bakrie noted. “It also plays a vital role in improving connectivity, transportation efficiency, and the growth of industrial areas and the economy in the Greater Jakarta region (Jabodetabek).”
(ahi/ara)
