Bakrie & Brothers Takes Full Control of Cimanggis-Cibitung Toll Road in Rp 3.5 Trillion Deal
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JAKARTA, Investortrust.id — PT Bakrie & Brothers Tbk, or BNBR, through its subsidiary PT Bakrie Toll Indonesia, has announced plans on Friday, Sept. 5, 2025, to acquire full ownership of the Cimanggis-Cibitung toll road in West Java, with a total transaction value of Rp 3.5 trillion, equal to $223 million.
The toll road is currently operated by PT Cimanggis Cibitung Tollways (CCT), whose shares are held by PT Sarana Multi Infrastruktur (SMI) with 55%, PT Waskita Toll Road (WTR), a subsidiary of Waskita Karya, with 35%, Bakrie Toll Indonesia with 5%, and Bakrie & Brothers with 5%.
“Management believes that acquiring CCT is a strategic step to strengthen the group’s position in Indonesia’s infrastructure sector, particularly toll roads that play a crucial role in connectivity and economic growth,” BNBR said in its disclosure to the Indonesia Stock Exchange.
Under the agreement, Bakrie Toll Indonesia will purchase the combined 90% stake held by SMI and WTR for Rp 1 trillion. It will also acquire shareholder loans from both companies worth Rp 2.56 trillion, bringing the total deal size to Rp 3.5 trillion.
Following the transaction, BNBR will hold 100% of CCT directly and indirectly.
In addition, SMI, WTR, and CCT have agreed to convert shareholder loans into new CCT shares at a price of Rp 1,000 per share no later than July 5, 2026. The conversion will apply only to the loan principal, excluding interest and penalties.
To support the acquisition and operations of CCT, Bakrie Toll Indonesia has arranged financing facilities consisting of a Rp 2.7 trillion bridging loan, a Rp 900 billion convertible shareholder loan, and Rp 100 billion in working capital loans.
These facilities are part of a larger loan package of US$ 312 million, or around Rp 5.14 trillion, provided by PT Bakrie Indo Infrastructure and arranged through PT Ciptadana Sekuritas Asia.
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