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Waskita Karya raises Rp5 trillion from limited participation mutual funds

JAKARTA ( – State-owned construction company PT Waskita Toll Road (WTR) raises Rp5 trillion by issuing limited participation mutual funds (RDPT), a company official said.

President Director of WTR Herwidiakto said on Tuesday (10/4) the RDPT uses the company’s shares in PT Waskita Karya Transjava Toll Road (WTTR) as underlying assets of the RDPT.

The equity-based mutual fund was arranged by Danareksa Sekuritas as arranger and PT Bank Mega as custodian.

Currently, WTTR is the operator of three toll roads, namely Kanci-Pejagan in greater Jakarta area, Pejagan-Pemalang and Pasuruan-Probolinggo with a total length of 123.8 kilometres.

Herwidiakto told reporters that the proceeds of the limited participation mutual fund will be used to finance the company’s toll road projects.

Based on the scheme, 57.14% of the WTR shares in WTTR worth Rp2.85 trillion. Then, WTR will issue new shares, or 30%, to RPDT valued at Rp2.15 trillion. Ultimately, RDPT will hold 70% shares of WTTR and WTR shares diluted to 30%.

Major investors of the RDPT are PT Asabri, Jasa Raharja, Jamkrindo, Danreksa, Danareksa Sekuritas and PT Dana Tabungan Asuransi Pegawai Negeri.

WTR has invested in 18 toll road sections, 5 of which has been operating. By 2020, WTR is expected to operate 990.23 km of toll roads, in which 437.5 km sections are part of the Trans Java toll road. (*)

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