Adhi Karya Streamlining Two Subsidiaries - BCA Securities
PT Adhi Karya (Persero) Tbk (ADHI) is continuing its programme of restructuring and streamlining its investment portfolio and subsidiaries to refocus on its core construction business. The implementation of this programme was realised through the signing of two Conditional Share Purchase Agreements (CSPA) on Wednesday (30/09) at the ADHI Office, Jakarta, regarding the planned divestment of ADHI’s shares in PT Jasamarga Jogja Solo (JMJ) and PT Dumai Tirta Persada (DTP).
The signing of these two CSPAs represents a significant milestone in each divestment plan, marking the achievement of agreement between the parties regarding the framework, terms, and conditions set out in the agreements. This step is aimed at increasing the Company’s focus on its core business of construction, optimising the composition of its business portfolio as well as the value of the Company’s assets and investments, in line with its transformation strategy and the strengthening of company fundamentals, while supporting the strengthening of the Company’s financial structure and liquidity.
The CSPA signing was conducted with PT Sarana Multi Infrastruktur (Persero) (SMI) as part of the planned divestment of ADHI’s 47.18% stake in PT Jasamarga Jogja Solo (JMJ).
The event was attended by the Director of Financing and Investment of SMI, the President Director of ADHI, and the Board of Directors from both parties. The synergy with SMI is also expected to support the sustainable management and development of JMJ as part of the toll road infrastructure ecosystem in Indonesia. On the same day, ADHI also signed a CSPA with PT Futura Energi Global Tbk (FUTR) regarding the planned divestment of ADHI’s 51% stake in PT Dumai Tirta Persada (DTP), a company involved in the provision and management of drinking water supply systems in Dumai City, Riau Province, through a Public-Private Partnership (PPP) scheme. The signing was attended by the President Director of FUTR, the President Director of PT Aurora Dhana Nusantara as a shareholder of FUTR, the President Director of ADHI, and the Board of Directors from both parties.
“This strategic step aims to organise and streamline our investment portfolio and subsidiaries, while simultaneously strengthening ADHI’s focus to return to the company’s core business of engineering and construction. We ensure that the entire process is carried out in a measurable manner and in accordance with the principles of good corporate governance. Moving forward, ADHI will continue to strengthen its role as a national construction company and contribute to supporting Indonesia’s infrastructure development,” said ADHI Corporate Secretary, Siswando.