Angkasa Pura II to own shares in West Java airport

PT ANGKASA PURA II (AP II) - PT Angkasa Pura II (AP II) has signed a memorandum of understanding (MOU) on a shares purchase agreement for PT Bandara Internasional Jawa Barat (BIJB), the owner of Kertajati International Airport in West Java which is currently under construction.

According to the agreement, AP II and state-owned securities firm Danareksa will buy and absorb the treasury stock issued by BIJB, which will make the two firms new owners of BIJB along with two existing shareholders, namely the West Java government and PT Jasa Sarana.

AP II wanted to be a shareholder in BIJB because the Kertajati Airport had a very strategic role in supporting the Indonesian economy and growth of tourism, especially in West Java, said AP II president director Muhammad Awaluddin.

“We will launch the due diligence process for the purchase of shares in BIJB in October at the latest, thus the treasury stock can be transferred to us in November at the latest,” he said in a press statement on Wednesday. “The purchase of shares will not erode the share ownership percentage of the West Java government and Jasa Sarana.”

Aside from the share purchase, Muhammad continued, another MOU was also signed with West Java government about the future operation of Kertajati Airport, which would be handed over to AP II, who would be the ultimate operator.

West Java International Airport in the first stage is planned to serve 5 million passengers per year, and then will be upgraded to a capacity of 18 million passengers.