JAKARTA: PT Marga Lingkar Jakarta, a subsidiary of PT Jasa Marga Tbk, sealed credit syndication worth IDR1.55 trillion to fund the 7.67-km Jakarta Outer Ring Road (JORR) West 2 toll road project.
The Jakarta Outer Ring Road West 2 (JORR W2) will connect Kebon Jeruk with Ulujami toll road.
Such credit syndication is derived from the syndication of Bank Mandiri (IDR1.4 trillion) and Bank DKI (IDR150 billion) with 15 years maturity and 4 years of grace period.
It’s 70% of the total funds needed for the project around IDR2.23 trillion, while the remaining IDR680 billion will be from the company’s equity.
Thus, the company is now waiting for the acquisition process of 10 hectares land, Marga Lingkar Jakarta (MLJ) President Director Sonhadji Surahman said.
“A land acquisition committee team has been authorized to conduct the acquisition process. Therefore, we don’t know how many [percentage of land] that has been acquired,” he said after signing the credit agreement yesterday.
Kebon Jeruk-Ulujami toll road is considered as the key road to reduce traffic jam in Serpong Road in South Tangerang, following the prohibition for truck and container to use inner city toll road. Thus, such heavy vehicles from Cikampek and Merak could use the ring road without passing to Serpong road.
Sonhadji added the company will review the project construction plan, whether it will be kicked off after acquiring 100% of the land or in parralel with the land acquisition process.
Banking sector, he added, doesn’t provide a deadline to implement the construction plan. Earlier, the company plans to complete the construction in 18 months.
Meanwhile, PT Adhi Karya Tbk and PT Wijaya Karya (Wika) Tbk have won the company’s project auction and therefore became the project contractors.
Bank Mandiri’s Corporate Banking Director Fransisca Nelwan Mok said that the banking credit is given as a form of support to strengthen interconnectivity through the addition of alternative access to the freeway.
Such addition is expected to curb distribution and transportation costs.
Up to September 2011, Bank Mandiri has disbursed IDR9.6 trillion to finance the construction of toll road infrastructure. From such figure, IDR1.8 trillion was bilateral financing and the remaining IDR7.8 trillion as credit syndication.
Bank DKI provided such credit after considering that Jasa Marga as MLJ’s parent company is a key player in toll road business with 73% market share, Bank DKI Director Mulyatno Wibowo said as cited from the bank’s press release.
Head of Toll Road Regulatory Agency (BPJT) Ahmad Ghani Gazali said that such credit should be given after acquiring 75% of land area with a grace period for the next six months.
As planned, the toll road construction will be divided into four sections, i.e. first section covering 1.95 km, second section 1.50 km, third section 2.35 km, and fourth section 2.07 km.
In the concession project of JORR W2 North toll road, PT Jasa Marga Tbk controls 65% shares and PT Jakarta Propertindo (Jakpro) owns the remaining 35%.
Jasa Marga’s subsidiary seals IDR1.55 trillion loan for JORR W2 construction – Bisnis.com.
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