BENGALURU: Philippine-based Metro Pacific Tollways and Singapore sovereign wealth fund GIC have taken a stake worth US$1 billion in a unit of Indonesian toll road operator PT Jasa Marga, the Philippine firm's Hong Kong-listed parent First Pacific said on Tuesday.
Shares in the Indonesian toll road operator jumped as much as 3.5 per cent to 5125 rupiah, their highest since June 12. First Pacific shares were up 1.7 per cent at HK$3.69.
Units owned by Philippine's Metro Pacific Investments , PT Margautama Nusantara and PT Metro Pacific Tollways Indonesia Services have taken a 24.5 per cent stake in Jasamarga Transjawa Tol for US$673.2 million, First Pacific said.
GIC and Metro Pacific Tollways will pick up the rest of the stake, the statement said.
The move comes as the Hong Kong-listed firm and its affiliates move to tap into the growing investor and customer demand in Asia Pacific for infrastructure assets.
Jasamarga Transjawa Tol is a network of 13 toll roads in the provinces of west, central and east Java, Indonesia.
MPTC is already a major toll-road operator in Southeast Asia with investments in Indonesia via Nusantara Infrastructure and Vietnam-based CII Bridges and Roads Investment.