Malaysia’s UEM Group to reduce stake in Indonesian toll road firm

Jakarta, Indonesia. Photo: Gede Suhendra/unsplash

Malaysia-based UEM Group is in the process of reducing its holding in Indonesia’s toll road company Lintas Marga Sedaya (LMS), two people familiar with the situation said.

UEM Group, through its subsidiary PLUS Expressways International Bhd, currently holds a 55 per cent stake in LMS. Meanwhile, IDX-listed Astra International, through its subsidiary Astratel Nusantara, owns a 45 per cent stake after buying out Bhaskara Utama Sedaya in 2017.

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