Indonesia: State-run Waskita, Jasa Marga to raise $584m by selling shares in infra assets

Photo: REUTERS/Garry Lotulung

Two Indonesian state companies plan to sell private equity funds to raise 8 trillion rupiah ($583.6 million) to strengthen their finances, the government said on Tuesday.

Infrastructure development is a core part of President Joko Widodo’s economic agenda and state firms are taking up most government projects.

Earlier this month, Standard & Poor’s Global Ratings highlighted a deterioration in the balance sheets of SOEs that are involved in a government-led infrastructure push.

State-controlled construction firm PT Waskita Karya and toll-road operator PT Jasa Marga are in the process of selling some shares in several toll roads in the form of private equity funds, Ahmad Bambang, deputy state-owned enterprises (SOE) minister, said in the statement.

The move was aimed at “strengthening companies’ finances as they are both currently investing heavily … in large scale infrastructure projects,” Bambang said, adding that some pension funds had expressed interest in investing.

Waskita and Jasa Marga did not respond to requests for comment.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.