Danantara wants Waskita to become Indonesia's No.2 toll road operator
Monday, July 20 2026 - 08:51 AM WIB
Indonesia's sovereign wealth fund Danantara and the State-Owned Enterprises Supervisory Agency (BP BUMN) want to transform debt-laden builder PT Waskita Karya Tbk (WSKT) into the country's second-largest toll road operator after PT Jasa Marga Tbk (JSMR), as part of efforts to restore the state-owned firm's financial health.
The proposal was discussed during a meeting on Friday between Danantara Chief Operating Officer and BP BUMN head Dony Oskaria and Waskita's management, according to a statement released on Saturday.
The discussions covered Waskita's asset valuation, debt repayment capacity, cash flow projections and a proposed overhaul of its business model.
Dony said the restructuring should go beyond delaying debt repayments and instead reposition the company toward businesses capable of generating stable, recurring cash flows.
"It is acceptable for Waskita to become the second toll road company after Jasa Marga, as long as the business calculations are sound," Dony said.
He added that Waskita must first restore its financial position before pursuing further expansion to improve investor confidence and regain access to funding, including from the capital market.
Danantara and BP BUMN said they would continue overseeing improvements to Waskita's business model and corporate governance to address its liquidity problems and prevent similar financial difficulties in the future.
Waskita, once one of Indonesia's largest state-owned contractors, has been restructuring its debt after years of financial strain caused by aggressive expansion into infrastructure projects, including toll roads.
Separately, the company recently secured a Rp 2.1 trillion ($129 million) contract to build Section 3 of the Yogyakarta-Bawen toll road in Central Java through a consortium with fellow state-owned builders PT PP and PT Wijaya Karya.
The contract covers construction of an 8.1-km section between the Magelang and Borobudur interchanges, including the main toll road, an access road to Magelang and concrete pavement works.
Editing by Reiner Simanjuntak