"The acquisition of the shares of the concession holder of the Surabaya-Mojokerto toll road will boost ASTRA Infra's contribution to the Trans Java Toll Road development to 338.6 km, or some 30 percent of its total length," ASTRA Infra Group CEO Djap Tet Fa noted in an official statement in Jakarta, Friday.
He highlighted that ASTRA Infra's increased contribution to the development of the Trans Java toll road segment is in accordance with ASTRA's vision to make Indonesia prosperous.
The acquisition of JSM's shares, marked by the inking of the JSM share sale and purchase agreement, with 24.2 percent from PT Moeladi and 20.3 percent of PT Wijaya Karya Tbk, was ASTRA Infra's efforts to boost the investment portfolio in the Trans Java toll road section.
With the conclusion of this acquisition process, ASTRA Infra currently has 44.5 percent of JSM's shares, while the rest 55.5 percent is owned by PT Jasa Marga (Persero) Tbk.
The Sumo toll road connected to the Jombang-Mojokerto toll road and the Surabaya-Gempol toll road has been fully operational since December 19, 2017.
The Sumo toll road is one of the strategic Trans Java toll lanes, as it connects Surabaya City with the western part of East Java.
This toll road is expected to lessen congestion along the Surabaya-Mojokerto route, boost connectivity, and emerge as the key national logistics route to boost the economic potential of Mojokerto, Jombang, and the surrounding areas, in particular, and East Java in general.
ASTRA Infra currently has six toll roads, of which five segments are fully operational on the Trans Java Toll Road, with a total length of 338.6 km.
In addition to the five Trans Java toll roads, ASTRA Infra has the Serpong-Kunciran Toll Road that is part of JORR 2, or the Jakarta Outer Ring Road.
ASTRA Infra's contribution to the Trans Java Toll Road covers the Tangerang-Merak measuring 72.5 km; Cikopo-Palimanan, 116.8 km; Semarang-Solo, 72.6 km; Jombang-Mojokerto, 40.5 km; and Surabaya-Mojokerto, 36.3 km.
EDITED BY INE