Astra pulls out from Serpong-Balaraja toll road project

Astra Infra, subsidiary of the well-diversified PT Astra International Tbk, has pulled out from a consortium called PT Trans Bumi Serbaraja, the owner of the Serpong-Balaraja toll road project.

Astra Infra CEO Krist Ade Sudiono was quoted by news portal kompas.com as saying Wednesday that the move was part of business adjustment strategy.  He added that Minister of Public Works and People’s Housing Basuki Hadimuljo has approved the company’s decision to pull out from the project. 

“We have pulled out from PT Trans Bumi Serbaraja (TBS).  The corporate action has been approved, and the deeds of the share transaction was signed in April,” he said.

TBS was set up in 2016 by Astra Infra (25% shares), PT Transindo Karya Investama (25%), and PT Bumi Serpong Damai (50%).

Astra Infra currently has ownership in six toll road concessions totaling 350 km.  Last month, the company acquired 44.5 percent shares in PT Jasamarga Surabaya Mojokerto (JSM), which owns the Surabaya-Mojorkerto toll road section. (*)