Jakarta. Waskita Toll Road, a subsidiary of state-controlled construction firm Waskita Karya, has agreed to sell its interest in two sections of the Trans-Java toll road to Road King Infrastructure, a listed company in Hong Kong, for a combined value of Rp 2.17 trillion or $153 million.

Waskita has been trying to liquidate some of its assets as part of an effort to raise funding to take on more infrastructure projects in Indonesia. 

Waskita will sell all its shares in Jasamarga Solo Ngawi (JSN) who holds the concession for the Solo-Ngawi toll road until 2056, and in Jasamarga Ngawi Kertosono Kediri who holds the Ngawi-Kertosono toll road concession until 2066.

Road King through subsidiary Kings Key will hold a 40 percent stake in each of the toll road once the transaction is concluded, the company said in a statement on Wednesday.

Under the deal, Road King also agrees to pay Waskita up to Rp 194 billion upon an expected toll road tariff adjustment in 2021 to be received by JSN.

Waskita will also receive up to Rp 428 billion when the Indonesian Toll Road Authority pays a cash compensation to JSN in 2021. 

Waskita and Road King signed the sales purchase agreement on Sept. 30. Waskita Toll Road's board of commissioners is set to give their approval by Oct. 30. The agreement will void on Dec. 12 if any of the parties fails to meet its end of the deal.