Jasa Marga to launch right issue to strengthen capital

Publicly traded state-owned toll road developer and operator PT Jasa Marga plans to launch right issue to raise fresh fund to strengthen its capital.

The company plans to issue up to 491,465,665 new shares at a price of Rp500 each, Chief Commissioner of the company Refly Harun said.

"It was one of the decisions made in the extraordinary general meeting of the shareholders to day," Refly said after the meeting here on Monday.

He said the second important decision was the replacement of the President Director Adityawarman by Desi Arryani.

Risk and Management Compliance Director Achiran Pandu Djajanto was dismissed honorably and named Subakti Syukur as Operation Director II, he said.

He said the replacement in the board of director is normal, amid the government efforts to accelerate development of toll roads especially in the plan to establish a holding company for state-owned toll road companies.

"Mr Adityawarman has served as the chief executive of the company since 1980. He might be given new assignment. Let us just see," he said.

Refly refused to speculate is Adityawarman is being prepared for a higher position in state toll road holding company, saying I dont know about that."

He said Jasa Marga hopes to have an additional capital of around Rp1.8 trillion including Rp1.25 trillion from state capital participation (PMN) and Rp500 billion from the public.

Independent Finance Director of the company Anggiasari said fund from the rights issue would be used as equity in new toll road projects such as the 75 kilometer Semarang-Batang section, 37.6 km Pandaan-Malang section and the 36.8 km second part of elevated Jakarta-Cikampek toll road project now in the process of tender.

Other members of the board of commissioners of PT Jasa Marga are Agus Suharyono, Boediarso Teguh Widodo, Sigit Widyawan, Taufik Widjoyono and Muhammad Sapta Murti.

Other members of the board of directors are Hasanudin as development director, Direktur Operasi I Muh Najib Fauzan as Operation Director I, Subakti Syukur, as Operation Director II, Christantio Prihambodo as Human Resources and General Director.

Desi Arryani was formerly Operation Director of state construction company PT Waskita Karya Tbk since 2013.

Source: Antara News