Singapore sovereign wealth fund GIC will acquire a 33% stake in the Indonesian toll road operator PT Margautama Nusantara for 3.31 trillion rupiah ($211 million), according to a stock exchange filing by Hong Kong-listed First Pacific, which is an affiliate company of Margautama and an investment arm of the conglomerate Salim Group.
The acquisition is expected to be completed on Nov 9.
Under the deal, Warrington Investments, an investment vehicle owned by GIC, will subscribe to 2,673 primary shares of Margautama Nusantara, according to an IDX filing on Nov. 3 by the toll road operator.
Parallely, Philippines-based PT Metro Pacific Tollways Indonesia announced the acquisition of a 10.3% stake in Margautama for 1.03 trillion rupiah ($66 million).
Currently, Metro Pacific Tollways Indonesia’s parent company, Metro Pacific Tollways Corporation (MPTC), owns 71.5% of Margautama. After the completion of acquisition, MPTC’s ownership will fall to 50.9%.
The Salim Group holds stakes in Margautama, MPTC, Nusantara, and First Pacific.
The proceeds from the acquisition will be used to fund the acquisition of a 40% stake in Japex (Jakarta-Cikampek Elevated), which was announced in July 2022, as well as to support Metro Pacific Tollways’s toll road investment portfolio in Indonesia.
Currently, Margautama has seven toll road concessions in Indonesia, including in Bintaro Serpong Damai, PT Makassar Metro Network, Jalan Tol Seksi Empat, Japex, and Jakarta Lingkar Baratsatu.
