Oentoeng Suria & Partners (OSP), associated with global law firm Ashurst, advised Sarana Multi Infrastruktur (SMI) and Dana Tabungan Dan Asuransi Pegawai Negeri (Taspen) on their equity investment of 29% of shares in Waskita Toll Road, a subsidiary of state-owned Waskita Karya Tbk (WSKT).
This follows announcements by Indonesia’s government late last year on plans to employ the use of long-term financial resources, including pension funds that can be transferred into equity financing for public projects. The government’s “Non-State Budget Investment Financing” programme for Infrastructure is known as PINA. The closing of the transaction was undertaken before the president of Indonesia, Joko Widodo.
The initial equity investment by SMI and Taspen was worth 3.5 trillion Indonesian rupiah (US$262.7 million) and in the future the equity investment may be increased. It is expected to significantly contribute towards the construction of the toll road infrastructure in Indonesia.
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Waskita Toll Road is working on more than 14 toll projects with a total length of 750km, including several that are part of the trans-Java toll road linking Jakarta and Surabaya, due for completion in 2018-2019.
Legal counsel: The OSP team was led by partner Ratih (Ipop) Nawangsari and supported by senior associate Rizaldy Tauhid.
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