HK firm buys Marga stake

HK firm buys Marga stake

SINGAPORE (Reuter): Hongkong Land Ltd said it had acquired a US$30 million interest in Indonesia toll road operating company PT Marga Mandalasakti (PTMM).

In a statement late on Tuesday, Hongkong Land said PTMM operates the Tangerang-Merak Toll Road, which opened in 1993 and is the westernmost section of the proposed Trans-Java Highway.

Hongkong Land's investment represents 10.3 percent of PTMM's share capital and will be provided from existing resources.

A number of other parties would acquire further interests totaling some 60 percent, Hongkong Land said.

After the acquisitions, major shareholders will be the Asian Infrastructure fund with 17.1 percent, PT Humpuss with 15.7 percent, Government of Singapore Investment Corp with 15.4 percent and PT Jasa Marga with 8.7 percent, the statement said.