REPUBLIKA.CO.ID, JAKARTA - State owned highway company, PT Jasa Marga has spent money from 2007's initial public offering (IPO) proceeds. Jasa Marga Finance Director, Reynaldi Hermansjah said that net IPO proceeds was worth 3.468 trillion IDR.
"It has been used for expansion (1,79 trillion IDR) and bond payment (150 billion IDR), while the rest deposited in bank," Hermansjah said recently.
Expansion fund was channeled to six of company's subsidiaries, namely PT Marga Sarana Jabar for road construction of Bogor Ring Road worth 168.015 billion. Next, PT Trans Marga Jateng (851.186 billion IDR) for construction of Semarang-Solo toll road, PT Trans Marga Jatim (200 billion IDR) for construction of Gempol-Pasuruan toll road.
Company gave 114.814 billion IDR to PT Marga Kunciran Cengkareng as equity investment, PT Marga Trans Nusantara (62.100 billion IDR) and PT Marga Nujyasumo Agung (394 billion IDR) for increasing investment ownership.
Based on IPO prospectus, company would spend expansion funds of 3.163 trillion IDR, debt repayment of 150 billion IDR and working capital of 52.652 billion IDR.
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