CMNP Flaunts Rp 2.2t for 75 Percent Stake in Nusantara

Jakarta. Toll operator and constructor Citra Marga Nusaphala Persada plans to acquire a 75 percent stake in industry peer Nusantara Infrastructure for Rp 2.2 trillion ($161 million), an executive said on Tuesday.

The company has completed due diligence on the acquisition plan and is now seeking approval from its board of directors, said CMNP corporate secretary Yusuf Hamka.

CMNP would finance the deal through internal funds and proceeds raised from a planned rights issue next year, Yusuf said.

"The acquisition aims to bolster CMNP's toll business," Yusuf said.

This means the company would divest Nusantara's other businesses in the communications and beverage industries, he added.

Rajawali Corpora, the controlling shareholder of Nusantara Infrastructure, has reportedly been looking for buyers for the infrastructure firm, with candidates that include property developer Surya Semesta Internusa and Astratel Nusantara, the infrastructure unit of Astra International.