CMNP to take equity stakes in tree projects

CMNP to take equity stakes in tree projects

JAKARTA (JP): The shareholders of publicly-listed toll road developer PT Citra Marga Nusaphala Persada (CMNP) yesterday approved the company's plan for equity participation in three projects.

A director of the company, Teddy Kharsadi, told reporters that Citra Marga Marga's equity stakes in each of the three projects -- Citra Manila Tollways Corporation in the Philippines, Simpang Susun Waru-Tanjung Perak Surabaya outer ring road in East Java and a triple-decker which will link south Jakarta to North Jakarta -- will reach 19 percent.

"The planned equity in the Citra Manila project will be US$102 million, the Surabaya outer ring road Rp 1.1 trillion ($476 million) and the triple-decker Rp 3.5 trillion," he said.

Teddy said Citra Marga will join with the state-owned toll road developer PT Jasa Marga in the construction of the 36- kilometer toll road in Surabaya which will link the Tanjung Perak port with the Simpang Susun Waru interchange.

"We were appointed by the government to take part in the triple-decker project," he said.

He added that Citra Marga has studied another toll road project in West Java.

"But we finally decided not to take part in the 114-kilometer toll road project between Sadang and Palimanan in West Java because the project is not in line with our strategy," said Teddy.

The company's director of finance, Tito Sulistio, said that last year the company's (unaudited) net profit increased by 58 percent to Rp 92 billion.

He added that the management also plans to distribute one bonus share for one old share instead of distributing dividends if the general shareholders' meeting in April approves. (08)