Jakarta. State-controlled toll road operator Jasa Marga eyes larger proceeds from issuing a collective investment contract, or KIK, backed by the company's revenue in the third quarter this year, a director said on Monday (29/05).
The company now targets Rp 2 trillion ($150 million) to Rp 3 trillion from selling the contract that promises three to five years of income from its Jakarta-Bogor-Ciawi, or Jagorawi, toll road section to investors, Desi Aryani, the president director of Jasa Marga said.
The new target almost doubles Jasa Marga's previous plan, showing its confidence in attracting investors' interest to the regular. Jagorawi Toll Road generated Rp 700 billion revenue last year.
"We expect to receive the [contract's] proceeds in the third quarter of 2017," said Desi.
The company is spearheading the government's initiative to securitize assets in state-controlled construction companies to broaden financing sources and reduce their reliance on capital injection from the state budget.
Jasa Marga is now processing registration at the Financial Services Authority (OJK), Desi said. The company has appointed Bahana Securities, Danareksa Sekuritas and Mandiri Sekuritas as guarantors of the contract.
Desi targets the product to obtain an AAA rating from Pemeringkat Efek Indonesia (Pefindo), so that it will pay a lower yield than it would have to pay for bank loans.
This year Jasa Marga needs Rp 18 trillion to to meet its capital expenditure needs.