Waskita Karya Tbk (WSKT) is targeting a 40% share of 5 trillion IDR from the divestment of Waskita Toll Road. The company has the private placement option for strategic investors because Waskita Toll Road is still losing money. The funds from the divestment of its subsidiary will be part of WSKT’s assets to reach a target of 1.000 km of toll road by 2018.
M Choliq, the Director of WSKT, said that the toll road manager has been losing money since their first year until their fourth due to investment in the toll road. “In the following years, we will get the IPO because the toll road will be operated,” said M Choliq. Waskita Toll Road has been losing 9.35 billion IDR until this June, 2016. However, WSKT net profit in the first term of 2016 grew by 240% to 582 billion IDR by consolidation.
Strategic investors for Waskita Toll Road must understand the toll road business. The company targets their divestiture to be finished in the third or fourth quarter in 2016. WSKT has 15 toll concessions for 792 km by consolidation. Toll concession will be added along 250 km which will be finished in 2018.
In trading on Friday (5/8), WSKT share increased by 0.4% to 2.800 IDR. (*)
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