JAKARTA. PT Waskita Karya (Persero) Tbk (WSKT), a state-owned construction company, has divested 25% of its shares in PT Trans Jabar Tol (TJT) and transferred it to PT Sarana Multi Infrastruktur (SMI).

The number of TJT's shares transferred by WTR to SMI is 1,235,992 shares. As agreed, the transaction value is set to IDR 755.33 billion.

In the official statement, the management of WSKT said that this divestment is carried out in order to restructure its finance. "It is to implement the program of 8 streams of financial improvement of the company, which is aimed to restore our performance," said the management.

After the divestment, WSKT now only owns 74.99% of TJT's shares. SMI has another 25%, while the small remaining 0.00018% belongs to Waskita Cooperative Unit.

According to IDNFinancials data, TJT is a toll road business unit established in 2007. TJT has the license of business operation of Bogor-Ciawi-Sukabumi (Bocimi) toll road with a concession period of 45 years (2015-2060).

In the meantime, SMI is an infrastructure financing company owned by the Indonesian government, and works under the management of the Ministry of Finance. (KR/ZH)