Toll road operator seeks Rp 4t additional capex this year

JASA MARGA - JAKARTA. State-owned toll road operator PT Jasa Marga is considering a number of options, including a Komodo bond issuance, project bond issuance and a limited participation mutual funds (RDPT), to collect Rp 4 trillion (US$276.56 million) for this year’s additional capital expenditure.

“We will launch the second phase of an RDPT worth Rp 1.55 trillion,” Donny Arsal, Jasa Marga finance director, said in Jakarta over the weekend as reported by kontan.co.id, adding that the financing instrument would be launched in August or in September this year.

In July, the company launched the first RDPT phase worth Rp 1.45 trillion.

Donny said the funds would be used to finance a number of toll road projects, including Semarang-Batang in Central Java and Surakarta-Ngawi in Central and East Java, as well as Ngawi-Kertosono in East Java.

Jasa Marga had set aside Rp 7 trillion for capital expenditure this year, but the company’s spending has not reached half that figure so far.

 “Our capital expenditure has not even reached Rp 3 trillion,” he said, adding that the funds went to operational and maintenance costs.

Based on the company’s financial report for the first half, Jasa Marga’s corporate cash stands at Rp 4.57 trillion and its consolidated cash at Rp 5.73 trillion.