“PT Pemalang Batang Toll Road (“PBTR”) operates as a toll road company incorporated on June 5, 2006. PBTR obtained concession rights to the Pemalang Batang toll segment with a concession period of 40 years. Pemalang toll road – Batang is part of Trans Java toll road connecting Pejagan-Pemalang toll road with Batang-Semarang toll road in Central Java with total length of 39.2 km.
The Pemalang Batang toll road project started in 2006, but construction has not started until 2015 due to lack of land readiness. Until 2015, the progress of land acquisition is still below 5%. However, after the toll road was acquired by Company, through its subsidiary PBTR, the Company was able to accelerate the process of land acquisition in the field and as a whole now more than 90% of the land has been acquired.
Currently, Company owns 60.00% of PBTR shares and the remaining 40.00% is owned by PT Sumber Mitra Jaya (“SMJ”), which is the founding company of Mitra Jaya Group.”