The move by PT Waskita Karya (Persero) Tbk to sell its share ownership on the Cibitung-Cilincing Toll Road has been in the spotlight. The reason is, Waskita sold its share ownership in this toll road for only Rp. 2.4 trillion, while this toll road cost an investment of Rp. 10.8 trillion.
For information, the concession of the Cibitung-Cilincing toll road is owned by PT Cibitung Tanjung Priok Port Tollways (CTP).
CTP is a company with 55% of Waskita’s shares through its subsidiary Waskita Toll Road (WTR), while the remaining 45% is owned by PT Access Pelabuhan Indonesia (API).
So, Waskita profit or loss selling ownership of the Rp 2.4 trillion Cibitung-Cilincing Toll Road in PT CTP?
From note detik.com collected on Tuesday (12/10/2021), the investment for the Cibitung-Cilincing toll road is Rp. 10.8 trillion. Of the investments, as much as 30% of them were financed from PT CTP’s capital and the rest from loans.
Now if it is roughly calculated, of the total investment requirement of Rp. 10.8 trillion, PT CTP must provide 30% of its capital or reach Rp. 3.24 trillion. The rest of the funding comes from loans.
Of the total CTP capital of Rp 3.24 trillion, if it is calculated in terms of share ownership between WTR of 55% and API 45%, WTR must provide Rp 1.78 trillion. The remaining Rp 1.45 trillion will be provided by API.
As of October 7, Waskita decided to sell WTR’s shareholding in CTP to API. The sale of shares to API was carried out at a price of Rp 2.44 trillion. This means, Waskita still made a profit of Rp 658 billion from the difference between the capital deposit to CTP and the selling price to API in the toll road sales process.
However, in the latest Waskita press statement, the company said WTR paid in capital of Rp 1.92 trillion. In other words, the company gets a profit from the sale of toll roads of Rp 520 billion.
But what is certain, Waskita’s Corporate Secretary, Ratna Ningrum, said that the sale of the Cibitung-Cilincing toll road could also reduce Waskita’s debt to Rp 5.8 trillion. Profits are not only obtained from the difference between the capital deposit and the selling price of the shares.
The reason is, there are also Banking Investment Credits and other accumulated debts which will indirectly be transferred to the new owner which was originally the responsibility of Waskita.
“Thus, on investment in PT CTP, Waskita will get a profit of Rp 520 billion and a debt reduction of Rp 5.8 trillion due to the deconsolidation effect,” Ratna said in a statement.
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