METRO Pacific Tollways Corp. (MPTC) announced on Monday a “strategic investment cooperation” with its subsidiaries — PT Margautama Nusantara (MUN) and PT Metro Pacific Tollways Indonesia Services (MPTIS) — and its partner Singapore’s GIC Pte. Ltd. to acquire a 35% stake valued at approximately $1 billion in Jasamarga Transjawa Tol (JTT), a subsidiary of PT Jasa Marga (Persero) Tbk, Indonesia’s state-owned toll road operator.
“JTT is a network of 13 toll roads in the provinces of West Java, Central Java, and East Java,” MPTC said in a statement.
“The combined 676-kilometer long road is considered Indonesia’s crown jewel that allows the efficient flow of 850,000 vehicles daily across Indonesia’s economic powerhouse of Java Island,” it added.
MPTC also said the addition of JTT toll roads is expected to further boost its portfolio to 1,130 kilometers connecting various economic zones in the Philippines and Indonesia.
“This deal fortifies MPTC’s goal to expand in Southeast Asia and enhance our infrastructure portfolio. This expansion in Indonesia aligns well with our commitment to improve our regional presence in toll road operations,” said Rogelio L. Singson, MPTC president and chief executive officer.
In 2023, GIC acquired a 33% stake in MPTC’s MUN for $209.9 million. Consequently, MPTC ownership in MUN decreased to 60.3%, although it retains the majority share. MPTC concurrently collaborated with GIC in the joint bidding process for JTT.
MPTC is the tollway unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
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