Dentons HPRP successfully assisted PT Jasa Marga (Persero) Tbk (JSMR) in the divestment of 40% of its shares in PT Jasamarga Jalanlayang Cikampek (JJC), a subsidiary of PT Jasamarta Transjawa Tol, the company that operates Muhammed bin Zayed/MBZ flyover toll road, a strategic freeway that is vital in the Trans-Java Toll Route, recording traffic volume that is ever growing year-on-year. The divested shares, valued at more than RP4 trillion, were transferred to PT Margautama Nusantara (MUN), a subsidiary of PT Nusantara Infrastructure Tbk.

Dentons HPRP’s team led by Partner Erwin Kurnia Winenda, supported by Senior Associate Sari Veratiwi, Associates Ronny Chrismanto Ginting, Fremi Rovi Raturandang, and Aletheia Christy Hutabarat provided comprehensive legal services to JSMR. As both of the parties in this transaction, the seller and the buyer, were public listed companies, the team ensured that our client and the transaction complied with the capital market regulations. Moreover, the team also assisted the company in negotiating the proposed amendment of the shareholders agreement with another existing shareholder.

After the signing of the transaction agreement, the shareholder composition became: JSMR 40% (under PT Jasamarga Transjawa Tol), PT Margautama Nusantara 40%, while the remaining 20% belongs to the other existing shareholder, PT Ranggi Sugironperkasa (RSP).

On its official website page, JSMR noted that the share divestment constituted an asset recycling program as part of the corporate strategy to balance the growth and sustainability of the company's business to optimize the company's business portfolio. This divestment transaction was the second divestment in JSMR’s asset recycling program that was assisted by Dentons HPRP’s team led.

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