Reported in a local newspaper that Mahmoudin Yasin, a new member of the State Enterprises Ministry, said that government is considering to float more shares in Jasa Marga through a rights issue. No timing if at all this will be done. Currently government owns 70% of Jasa Marga.
Comment:
We think that this plan will become more probable if the new land bill is passed. With the expectation of acceleration in land clearing, government might plan to tender out more toll road projects and Jasa Marga, as the largest toll road will be the main beneficiary. We have mentioned previously that Jasa Marga, through internal cash and debt, can finance up to an additional 190km , on top of their current expansion plan. However, if there are more opportunities in the future as a result of better land clearing process, Jasa Marga might face the need for extra funding from external source.
So, in conclusion, we think the rights issue will not happen in the immediate future, and it is a good thing if they can expand more. Moreover, if float increases through the decrease of government's portion, there is tax benefit for Jasa Marga.
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