CPPIB and Astra Infra Make an Offer to Acquire Khazanah’s Stake in PT Lintas Marga Sedaya
Posted on 09/13/2019
Indonesia-based Astra Infra and Canada Pension Plan Investment Board (CPPIB) made a bid to acquire a 55% stake in PT Lintas Marga Sedaya, the concession owner of a 117-kilometer toll road linking Jakarta to Cirebon, from Malaysia’s Khazanah Nasional Berhad. The bid for the stake amounted to around US$ 500 million. Khazanah Nasional owns 55% of PT Lintas Marga Sedaya through its UEM Group Berhad unit. Astra Infra owns the remaining 45% of the toll road operator. Astra Infra is wholly-owned by PT Astra International, a car company.