Jakarta. Surya Semesta Internusa, a listed property developer, plans to sell its entire stake in the Cikopo-Palimanan toll road in West Java to Astratel Nusantara, subsidiary of diversified conglomerate Astra International, for Rp 2.3 trillion ($173 million), in a move to raise capital.

The transaction is subject to a general shareholder meeting, Surya Semesta said in a filing with the Indonesia Stock Exchange (IDX) on Monday (30/01).

Johannes Suriadjaja, Surya Semesta's president director, said that the divestment is part of the company's strategy to raise capital but declined to elaborate on how the company would use the proceeds.

Under the agreement, Surya Semesta's subsidiaries, Karsa Sedaya Sejahtera and Nusa Raya Cipta, will sell 45 percent and 15 percent shares respectively of its joint venture Bhaskara Utama Sedaya to Astratel. This would give the latter full control of Bhaskara Utama, since Astratel already owns a 40 percent stake in the company.

Bhaskara Utama has a 45 percent stake in Lintas Marga Sedaya, and holds a concession for the 116 kilometer toll road, famously known as the Cipali toll road, until 2041. Malaysian toll road operator Plus Expressway owns the remaining shares in Lintas Marga Sedaya.

Cipali toll road is the longest section of Trans-Java's toll road network and has been operational since June 2015 as a vital link for transport and trade in northern Java.

Shares of Surya Semesta Internusa were traded at Rp 635 a piece at midday break on Tuesday on the IDX, unchanged from its Monday closing price. Meanwhile, Astra's shares rose 1 percent to Rp 7,975, outperforming the benchmark index that was slightly down 0.06 percent to 5,299.5.