CMNP warned over Depok-Antasari toll project

Toll Road Regulatory Body (BPJT) warned PT Citra Waspphutowa, 62.5% controlled by listed toll developer PT Citra Marga Nusaphala Persada (CMNP) Tbk, to immediately build the US$250 million Depok-Antasari project.

Nurdin Manurung, head of BPJT, told Antara this morning that the agency is evaluating the project as no significant progress made while the toll road is slated for commercial operation this month. BPJT said government had actually revised up the tariff from Rp515 per Km to 618 Km late last year, but land acquisition has just been accomplished 0.04% in the past three years.

There is a possibility that government will takeover the project or to be offered to other investors. Depok-Antasari route will be 22.8 Km long with estimated investment cost of US$250 million, of which cost for land acquisition is estimated at Rp700 billion or approximately US$70 million.

CMNP owns 62.5% shares in PT Citra Waspphutowa. Other shareholders are PT Waskita karya (12.5%), PT Hutama Karya (2.5%), and PT Pembangunan Perumahan (12.5%). 

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