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)