GIC and Metro Pacific Tollways Corporation (MPTC) are investing $1bn (€931m) to acquire a 35% stake in Jasamarga Transjawa Tol (JTT), a subsidiary of Indonesian state-owned toll road operator, PT Jasa Marga Persero.
JTT is a network of 13 toll roads in the provinces of West Java, Central Java, and East Java with a combined 676km long road network.
MPTC, the leading toll road provider in the Philippines, is making the investment through its subsidiaries PT Margautama Nusantara (MUN) and PT Metro Pacific Tollways Indonesia Services.
Manila-headquartered MPTC is already a major toll-road operator in Southeast Asia with investments in Indonesia through Nusantara Infrastructure and Vietnam-based CII Bridges and Toads Investment.
The company said the addition of JTT toll roads would further boost MPTC’s portfolio to 1,130km connecting various economic zones in the Philippines and Indonesia.
The investment will allow Jasa Marga to raise capital, maintain a healthy leverage level, and continue expanding toll road networks across Indonesia — enhancing infrastructure and connectivity for future economic development.
By bringing in MPTC and GIC as new and value-adding partners, Jasa Marga can maintain full control over JTT’s strategic infrastructure assets and solidify the quality of its services, said MPTC.
Rogelio L Singson, MPTC president and CEO, said: “This deal fortifies MPTC’s goal to expand in Southeast Asia and enhance our infrastructure portfolio.
This expansion in Indonesia aligns well with our commitment to improve our regional presence in toll road operations.”
Last year, GIC purchased a 33% stake in MUN for $209.9m. Consequently, MPTC’s stake in MUN has decreased to 60.3%. MPTC also partnered with GIC in bidding for JTT.
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