Jakarta. MNC Toll Road has sold its remaining stakes in three toll concessions along the Trans-Java highway to state-owned construction firm Waskita Karya.

MNC Toll Road sold its 38.5 percent in the joint-venture Waskita MNC Transjawa Toll Road, which is responsible for the Kanci-Pejagan, Pejagan-Pemalang and Pasuruan-Probolinggo sections of the highway, for Rp 757.5 billion ($55.2 million), according to a statement from Waskita on Wednesday.

Prent company MNC Group, the investment firm controlled by media tycoon Hary Tanoesoedibjo, bought the concessions from the Bakrie Group in 2012.

The Trans-Java toll road, once completed, will run more than 1,000 kilometers from the port city of Merak in Banten province to Banyuwangi in East Java.