Jakarta –
Singapore giant, Government of Singapore Investment Corporation (GIC), officially merged with PT Margautama Nusantara Tbk (MUN), a subsidiary of toll issuer Salim Group, PT Nusantara Infrastructure Tbk (META). This was marked by the purchase of MUN shares by a subsidiary of GIC.
This step has received approval from shareholders at the Extraordinary General Meeting of Shareholders (EGMS) on Tuesday (19/12/2023). Apart from the acquisition, the meeting also approved plans to go private or make META a private company.
GIC Ventures entered MUN through its subsidiary Warrington Investment Pte. Ltd. (WIPL) which was formed and established in Singapore. This company is a subsidiary under the auspices of the Singapore Ministry of Finance which owns and manages Singapore Government assets.
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“We also congratulate GIC, which in fact is one of the large investors managed by the Singapore Government which is part of strengthening the company’s business,” said Head of Corporate Communication & CSR META Indah DP Pertiwi in a written statement, Wednesday (20/12/ 2023).
“With the presence of GIC, the acquisition debt of 40% of the MBZ Flyover share purchase will soon be paid off. After this, MUN will start expanding to build the JORR Elevated Cikunir-Ulujami Toll Road with an investment value of Rp. 21 trillion,” he continued.
Indah added, with the entry of GIC, the debt for the acquisition of 40% of the purchase of MBZ Flyover shares will soon be paid off. Apart from that, this corporate action will also help the company accelerate the construction of the Jakarta Outer Ring Road (JORR) Elevated Cikunir-Ulujami Toll Road.
“After this, MUN will begin expansion to build one of the largest and most prestigious projects in Jakarta, namely the JORR Elevated Cikunir-Ulujami Toll Road with an investment of IDR 21 trillion. In the future, MUN will become a toll company that continues to grow to carry out the development and acquisition of various projects “There are big toll roads in Indonesia,” he said.
Apart from that, the EGMS agenda also provided approval from shareholders regarding Go Private. The tender offer price has been approved at IDR 250 per share, which is a premium price of 34% higher than the average highest daily trading price on the IDX in the last 90 days.
“Shareholders who agree and want to sell their shares can proceed to the tender stage according to the price offered,” he concluded.
As additional information, PT Marga Utama Nusantara (MUN) is a subsidiary of PT Nusantara Infrastructure Tbk (META). The majority of META shares, amounting to 74.65%, are owned by Metro Pacific Tollways Indonesia (MPTI). Meanwhile, MPTI itself is a company under Metro Pacific Investment (MPI). MPI itself is a subsidiary of First Pacific owned by Anthony Salim.
The 21.6 km JORR Elevated Cikunir Ulujami Toll Road will begin construction in July 2024, by the toll road business entity (BUJT) PT Jakarta Metro Expressway, a consortium formed by PT Marga Metro Nusantara, PT Adhi Karya (Persero) Tbk and PT Acset Indonusa Tbk. Construction will be carried out for 33 months from June 2024 to March 2027, and will be operational in April 2027.
(shc/rrd)
2023-12-21 01:30:00
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