Five Firms Seek to Buy Thiess’s Cinere-Serpong Toll Road Concession

Five investors are interested in acquiring an 80 percent stake in the Jakarta Outer Ring Road (JORR) II project from Thiess Contractors Indonesia after the company was unable to work on the concession due to financial difficulty.

State-controlled toll-road operator Jasa Marga is among the interested bidders, said its president director Adityawarman over the weekend. The company competes with Astratel Nusantara, an infrastructure unit of Astra International, and Indonesian integrated infrastructure company Nusantara Infrastruktur.

Jasa Marga set aside Rp 2 trillion ($153 million) to acquire the toll road concession and officially proposed a bid to Thiess — a private contractor working in the resource, infrastructure and energy sectors. Jasa Marga offered to take a 55 percent stake, while Waskita Karya would own 35 percent, and Jakarta Propertindo, another construction firm, would take 5 percent.

Based on data by the Toll Road Regulatory Agency (BPJT), Thiess owns 80 percent of the Cinere-Serpong toll road and Waskita Karya owns the remaining 20 percent.