JSMR declared that they are ready to become the majority shareholder of a holding company called Trans Jawa Corporation (consisting of companies holding concession agreement of Trans Java Toll Road project) if this holding company is eventually set up the government. At end 2009, the government announced that it will form a holding company to supervise Trans Java toll road projects. Trans Java toll road is scheduled to be completed by 2014, whereas 300Km of total 882Km of length are owned by JSMR.
JSMR is currently conducting due diligence to increase its stake in Aloha (Waru)-Tanjung Perak toll road in Surabaya, East Java, from 2.5% to 55%. The toll road development halted, as PT Margaraya Jalan Tol (MJT) as the toll road holder concession, has financial difficulties due to cost overruns.
Currently, JSMR trades at PE’10F of11.4x and PB’10F of 1.7x
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