Wika Shares Up After Soreang-Pasir Koja Toll Project Win
Jakarta. Shares of state construction firm Wijaya Karya rose 3.6 percent to Rp 2,670 per share at midday on Wednesday after its consortium won a toll project in West Java.
Wika's consortium with listed construction firms Citra Marga Nusaphala Persada and regional-owned Jasa Sarana, won the tender for the Rp 1.8 trillion ($134 million) Soreang-Pasir Koja toll road, beating the consortium of state-controlled companies Jasa Marga, Waskita Karya and Pembangunan Perumahan.
“A formal announcement has yet to be published as it needs ministerial signatures. But, we have been informed about the result,” Suarmin Tioniwar, operational director of CMNP, said on Tuesday.
Jasa Sarana — owned by the West Java regional government — and CMNP will control up to 70 percent of the consortium, with Wijaya Karya controlling the remainder, Suarmin said.
The companies plan to establish a joint venture next month with a target to begin constructing the 10.6 kilometer stretch of toll road — which would provide Soreang, the capital of Bandung district, a crucial link to the existing Padalarang-Cileunyi toll road — next year.
Shares of CMNP stood pat while its rivals Waskita, Jasa Marga, and PP rose 1.9 percent, 2.1 percent, and 2.9 percent respectively, in line with a 1.6 percent increase in the market's benchmark index.
Investor Daily
Tags: Keywords: