CMNP to buy 25% stake in Marga Nurindo Bhakti

JAKARTA (JP): Publicly listed toll road operator PT Citra Marga Nusaphala Persada (CMNP) plans to take over PT Bhaskara Dunia Jaya's stake in PT Marga Nurindo Bhakti, another toll operator.

CMNP's finance director Tito Sulistio said last week that the company was still discussing the deal with the two companies.

"The management of CMNP are very interested in buying the stake... and of course the plan should be approved by a shareholders meeting," he said recently.

PT Marga Nurindo Bhakti is currently developing a 14.9 kilometer outer ring road project in Jakarta connecting Pondok Pinang, Pondok Indah in South Jakarta to Cikunir in East Jakarta.

PT Bhaskara Dunia Jaya, owned by Djoko Ramiadji, has a 25 percent stake in Marga Nurindo. It is a founding shareholder of CMNP with 0.9 percent share ownership. Other CMNP founding shareholders are Yayasan Purna Bhakti Pertiwi, Citra Lamtoro Gung and state-owned toll road operator PT Jasa Marga.

Tito Sulistio said funds to finance the acquisition would be taken from CMNP's own budget.

"We don't know yet the total value of acquisition because we are still working on it," he said.

He said the company's revenues amounted to Rp 1.015 trillion (US$344.06 million).

Meanwhile, CMNP's director Teddy Kharsady said CMNP had pledged to strengthen its overseas operations through joint alliances with foreign companies.

Teddy said CMNP had a 21 percent stake in Citra Metro Manila Tollways Corporation which was developing a 35-kilometer toll road in Manila, the Philippines.

He said the company planned to expand its toll road operations to other Asian countries such as India and Pakistan and Eastern European countries including Hungary and Poland.

"CMNP wants to play a significant role in the international toll road market," Teddy said.

Citra Marga Nusaphala Persada is controlled by President Soeharto's eldest daughter, Siti "Tutut" Hardiyanti Rukmana. (aly)