Aerial view of Trans-Java Toll Bridge with farmland in Semarang, Indonesia
Metro Pacific Tollways, a Philippine subsidiary of Indonesian billionaire Anthoni Salim-backed Metro Pacific Investment, and Singaporean sovereign wealth fund GIC are investing $1 billion in Indonesian state-owned toll road operator Jasamarga Transjawa Tol.
Under the deal, Metro Pacific Tollways’ Indonesian units Margautama Nusantara and Metro Pacific Tollways Indonesia Services will pay $673 million for a 24.5% stake in Jasamarga, while GIC’s Warring Investment will pay $287 million for a 10.5% stake, Salim’s Hong Kong-listed flagship First Pacific said in a regulatory filing.
“This agreement reinforces Metro Pacific Tollways’ goal to expand in Southeast Asia and enhance our infrastructure portfolio,” Rogelio L. Singson, president and CEO of the Manila-based toll road operator, said in a statement. “This expansion into Indonesia is fully aligned with our commitment to enhance our regional presence in toll road operations.”
Jasamarga operates a network of 13 Indonesian toll roads spanning 676 kilometres, connecting West Java and East Java provinces. These roads are among the busiest in Indonesia, with a daily traffic of 850,000 vehicles.
The Transjawa toll highway is also connected to the Jakarta-Cikampek elevated highway, which is 40% owned by Margautama. In 2023, GIC bought a 33% stake in Margautama for $210 million.
Salim has expanded its toll road business through Metro Pacific Tollways. Following the acquisition of Jasamarga, the Manila-based company will have a network of 1,130 kilometers of roads in the Philippines and Indonesia.
With a net worth of $10.3 billion, Salim and his family rank fifth Forbes He topped the list of Indonesia’s 50 richest people, published last December. He heads the Salim Group, which has interests in food, retail, banking, telecommunications and energy.
