JAKARTA. PT PP (Persero) Tbk (PTPP) is establishing a joint venture (JV)  called PT Jasamarga Akses Patimban (JAP) to manage the construction of Patimban Access Toll Road.

JAP is established with the help of PT Jasa Marga (Persero) Tbk (JSMR), PT Adhi Karya (Persero) Tbk (ADHI), PT Wijaya Karya (Persero) Tbk (WIKA), PT Nusa Raya Cipta Tbk (NRCA), and PT Subang Sejahtera. JAP has an authorized capital of IDR 100 billion, while its issued and paid-up capital is set to IDR 25 billion.

In this establishment, PTPP has 6% control of the shares, worth approximately IDR 1.5 billion. JSMR claims 55% of the shares worth IDR 13.75 billion, followed by NRCA with 22% worth IDR 5.5 billion, ADHI 6% worth IDR 1.5 billion, WIKA 6% worth IDR 1.5 billion, and Subang Sejahtera 5% worth IDR 1.25 billion.

“The purpose and intention behind the formation of JAP is to handle the Patimban Access Toll Road project, including the funding, technical planning, construction, toll road operation and maintenance, as well as conducting toll road activities or other businesses,” Bakhtiyar Efendi, Corporate Secretary of PTPP.

Efendi then added that PTPP’s equity participation in JAP formation will be recorded in the company’s book as participation in associated company. “This joint venture establishment will also promote the company’s business, as the company will secure recurring income from said statement,” he concluded. (KR/ZH)