Jasa Marga Secures Rp 1.6 T Loan for Toll Road Project
Indonesia Finance Today - 19/0/2012
Toll road operator, PT Jasa Marga Tbk (JSMR), secured syndicated loan of around Rp 1.6 trillion (US$ 171.2 million) from several government and regional government banks. The loan will be used to fund the construction of the Nusa Dua-Ngurah Rai-Tanjung Benoa toll road in Bali.
Abdul Hadi, Director of Business Development at Jasa Marga, said that the syndicated bank loan is obtained from PT Bank Mandiri Tbk (BMRI), PT BNI Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI) and Bank Pembangunan Daerah (BPD) Bali.
According to him, construction of the 10-kilometer (km) toll road is targeted to be completed in May 2013. Jasa Marga projects the elevated toll road to be fully operational in July 2013. Groundbreaking of the US$ 2.3 trillion toll road was actualized in December 2011.
Adityawarman, President Director of Jasa Marga, clarified that the construction of the toll road project goes quicker compared to the previously set schedule. Construction of the project has reached five percent, and is conducted by executing contractors PT Wijaya Karya Tbk (WIKA), PT Adhi Karya Tbk (ADHI), PT Hutama Karya and PT Waskita Karya.
Adityawarman assessed that the acceleration of construction is possible since construction of the toll road does not require large amount of land. “The public-owned land that needs to be acquired is five hectares around Nusa Dua. The remaining land is located in Tanjung Benoa, and is owned by PT Pelindo III. The land in Ngurah Rai area is owned by PT Angkasa Pura I. Their land is used as equity for the consortium,” he said.
Jasa Marga controls around 60 percent ownership in the Jasa Marga Bali Toll consortium. Twenty percent of the ownership is controlled by PT Pelindo III (Persero), PT Angkasa Pura I with 10 percent, Bali Tourism Development Center with one percent, PT Hutama Karya with two percent, PT Wijaya Karya Tbk (WIKA) with five percent and PT Adhi Karya Tbk (ADHI) with two percent.
The Nusa Dua-Ngurah Rai-Tanjung Benoa toll road will be operated with initial tariff of Rp 10,000 for class I vehicle and Rp 4,000 for class VI vehicle. The toll road has concession of 45 years.