Toll fares to go up 33.3%

Toll fares to go up 33.3%

JAKARTA (JP): Jakartans will be able to drive around the city by
way of an intra-urban tollroad in the middle of 1996, but at
slightly higher fares, an executive says.

Bambang Soeroso of PT Citra Marga Nusaphala Persada, a major toll
road developer which has just offered shares to the public, said
yesterday that his company will finish the harbor road, the last
portion of the intra-urban toll way, in North Jakarta around mid-
1996.

He also said that his company has submitted a proposal to the
government to increase toll fares by 33.3 percent as the current
toll rates have not been changed since June 1992.

Commenting on the company's public offering earlier this month,
Bambang noted that 25 percent of 122 million shares offered to
foreign investors are oversubscribed by 300 percent, while the
other 75 percent offered to local investor are oversubscribed by 75
percent.

"If the government agrees with us in increasing toll fares, the
investors, who are mostly common people, will be the ones who get
the most benefits," he said. (rid)