Jakarta (ANTARA News) - State-owned construction company PT Waskita Karya revealed it had signed an Addendum II of the Agreement on the Implementation of Terbanggi Besar-Pematang Panggang-Kayu Agung Toll Road Construction on December 31, 2018.
The total value of the Terbanggi Besar-Pematang Panggang-Kayu Agung toll road construction project was estimated at Rp13.1 trillion, PT Waskita Karya revealed in a press statement that Antara quoted here on Friday, Jan 11.
With a total length of 185 kilometers, the Terbanggi Besar-Pematang Panggang-Kayu Agung Section is part of the Trans-Sumatra Toll Road Construction Project, spread from the area of Bakauheni Ferry Port in Lampung Province to Aceh Province.
According to the statement, Waskita and state construction firm Hutama Karya had agreed to change the payment scheme from modified turnkey to turnkey by considering various aspects, including those related to financial, legal, and technical matters.
"With this addendum, PT Waskita Karya (Persero) Tbk will receive payment after the construction works are completed in 2019," he noted.
The completion will positively affect the corporate`s financial performance, particularly the flows of operational cash of PT Waskita Karya. It will also help increase the corporate`s liquidity capacity, the press statement revealed.
The Agreement on the Implementation of the Toll Road Construction for the Terbanggi Besar-Pematang Panggang-Kayu Agung Section had, in fact, been signed by PT Hutama Karya and PT Waskita Karya on June 16, 2017.
Based on Presidential Regulation Number 100 of 2014, PT Hutama Karya is appointed as a toll road operator, while PT Waskita Karya functions as a Trans-Sumatra toll road contractor for building the Terbanggi Besar-Pematang Panggang-Kayu Agung Section.
Waskita President Director I Gusti Ngurah Putra earlier remarked that the government had expected that the 185-kilometer-long toll road could have been used by the people in this year`s Idul Fitri holiday season.
Waskita will attempt to meet the targeted completion of the toll road section prior to the Idul Fitri celebration in June, he stated, adding that he had prepared necessary measures to anticipate any unexpected failure in meeting the target.
Reporting by Aji Cakti
Editing by Rahmad Nasution