Kings Ring Limited agreed to acquire 15% equity interest in PT Jasa Marga Kualanamu Tol from PT PP Tbk for approximately IDR 410 billion.
March 04, 2021
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Kings Ring Limited agreed to acquire 15% equity interest in PT Jasa Marga Kualanamu Tol from PT PP (Persero) Tbk (IDX:PTPP) for approximately IDR 410 billion on March 5, 2021. In related transaction, Kings Ring Limited agreed to acquire 30% equity interest in PT Jasa Marga Kualanamu Tol from PT Waskita Toll Road for IDR 824 billion on March 5, 2021. Kings Ring shall pay IDR 325 billion at the time of closing and IDR 87 billion at the date on which PT Jasa Marga Kualanamu Tol achieves a cumulative tariff adjustment of 6% or more and (b) 30 June 2022, whichever is earlier. Post completion of the acquisition, the board of directors of PT Jasa Marga Kualanamu Tol shall consist of three directors, of which Kings Ring shall be entitled to nominate one director, and Kings Ring will have the veto right to certain reserved matters of the PT Jasa Marga Kualanamu Tol. PT Jasa Marga Kualanamu Tol reported net loss after tax to be IDR 74.8 billion and net assets to be IDR 1068 billion for the year ended December 31, 2020.The completion of the agreement is subject to (i) all representations and warranties of the respective Vendor and Kings Ring as listed in the relevant Conditional Sale and Purchase Agreement being true, (ii) approval of creditors of the target company in respect of the acquisition under certain loan facility agreements, (iii) the seller obtaining approval from its board of commissioners in respect of the acquisition and others. Matthew Goerke of Herbert Smith Freehills LLP acted as legal advisor to Kings Ring Limited.
PT Pembangunan Perumahan (Persero) Tbk is an Indonesia-based construction engineering company. The Company's segments include Construction; Engineering, Procurement, and Construction (EPC); Property and Realty; Precast; Equipment rent service, Energy and Toll road. The Construction segment provides public construction services by focusing on activities, including high-rise buildings, roads and bridges, dams and irrigation, seaports, and airports, among others. It has built various large building projects, such as offices, apartments, hotels, airports, hospitals, stadiums, schools and universities, malls, and other public service facilities. The Company's projects include Pltb Tolo 72 MW- Jeneponto, Add On Grati 150 MW - Grati, Pltg Jayapura Kendari 100 MW, Pltg Belitung 25 MW, Pltg Nias 25 MW, Bank Indonesia Provinsi Papua, Mpp & Ftgep Paket 7 100 MW, Ptlg Lombok 50 MW, Pltg Bangka 50 MW, and others. Its subsidiaries include Pt Sinergi, PP Semarang Demak, and others.
PT PP (PERSERO) TBK 
