Jasa Marga'S IPO Delays ???

Jasa Marga IPO Delays ????

That is the investor question after Vice President Jusuf Kalla directs PT Jasa Marga to act only as developer and not as toll road operator anymore. The State enterprise is even asked to boost the sales of high-value toll roads that it controls.

The SOE Ministry has been preparing an initiative to increase the stocks of PT Jasa Marga that will be offered in the IPO from 20-30% to the maximum of 49%.

"The method of the stock offering is IPO. It can be the issuance of new shares or gradual divestment," the document wrote.

Jasa Marga has short listed three from five consortia of security companies to become the candidates of underwriters. The first consortium is that of PT Danareksa Sekuritas, PT Mandiri Sekuritas, and PT UBS Securities Indonesia. The second one is that of PT Bahana Securities, Credit Suisse, PT Deutsche Securities Indonesia, and Citigroup.

Kalla stated that to accelerate the development of 1,000 km long toll road, PT Jasa Marga had to have strong capital by disposing productive assets.

"We decide to make Jasa Marga act only as developer in the future. Therefore, we ask them to accelerate the sales of high-value toll roads," he explained after chairing a limiter coordinating meeting at the Department of Public Works yesterday.