Adhi Karya sells toll road stake to state fund for $98.4M
What's the deal? PT Adhi Karya (ADHI)Dealroom has a profile for this one. Try Dealroom → will sell its 47.18% stake in toll road operator PT Jasamarga Jogja Solo (JMJ)Dealroom has a profile for this one. Try Dealroom → to state-owned PT Sarana Multi Infrastruktur (SMI)Dealroom has a profile for this one. Try Dealroom → for US$115M. The sale covers 1,714,808 shares.
What's being sold? JMJ is a toll road business entity formed by a consortium of PT Jasa MargaDealroom has a profile for this one. Try Dealroom → and ADHI. It won the tender for the Solo-Yogyakarta-NYIA Kulon Progo toll road and signed the concession agreement with Indonesia's Toll Road Regulatory Agency on September 9, 2020.
Why now? ADHI is paring back its subsidiary holdings. Alongside JMJ, it will sell a 51% stake in PT Dumai Tirta Persada (DTP)Dealroom has a profile for this one. Try Dealroom → — 74,353 shares — to PT Futura Energi GlobalDealroom has a profile for this one. Try Dealroom → for US$9.18M.
What's next? The JMJ sale is a material transaction requiring approval from ADHI's general meeting of shareholders. The company targets completion of both deals by November 30, 2026.
What it means for ADHI: Upon completion, ADHI will receive US$115M from JMJ and US$9.18M from DTP, before taxes and costs. It will then hold no shares in either company.
The signal: The move hands a major toll concession stake to a state infrastructure financier, letting ADHI recycle capital out of long-term assets while keeping the project within Indonesia's public infrastructure ecosystem.
Read more: konstruksimedia.com
Image credit: Jason Pratt
