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DENPASAR, BALI - The provincial government of Bali has formally become a shareholder in PT Jasa Marga Tol – the operator of the new toll road set to soon connect Benoa – Ngurah Rai Airport – Nusa Dua.
The National New Agency Antara quotes the 2nd Assistant for the Provincial Government of Bali, Ketut Wija, on Thursday, February 14, 2013, who confirmed that the provincial government of Bali had invested Rp. 100 billion (US$10 million) in the road project.
In meeting its commitment to the project the province will pay its capital commitment in two phases: Rp 35 billion from the 2013 provincial budget and the remaining Rp. 65 from the subsequent budget.
“In this way, the total will reach Rp. 100 billion earning an 8.01% shareholding via shares with a nominal value of Rp. 1.6 million per share,” explained Wija. The regency of Badung has also taken an 8.1% share in the project at the similar cost of Rp. 100 billion.
The shareholding by the province and the regency awaits final ratificaton from the Minister of Public Works and the agreement of a syndicate of creditors financing the road project that has an estimated total value of US$258 million.
Originally there were seven investors in the Bali toll way comprised of PT Jasa Marga, PT Pelindo III, PT Angkasa Pura I, PT Wijaya Karya, PT Adhi Karya, PT Hutama Karya and PT Bali Tourism Development Coorporation (BTDC).
PT Wijaya Karya has relinquished its shares allowing the province of Bali and the regency of Badung to each acquire an 8.1 % share in the project. The number of total shareholder in the project with the addition of the province of Bali and the regency of Badung brings the current total number of shareholders to eight.
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