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Hiswara Bunjamin & Tandjung (HBT) has advised Hong Kong-listed Road King Infrastructure Limited (HKEX: 1098) on a third toll road investment in Indonesia.
Road King has agreed to acquire a 45% interest in the Medan-Kualanamu-Tebing-Tinggi toll road in Sumatra in a deal which values the infrastructure assets at approximately US$190 million.
The 61.7km toll road forms part of the Trans Sumatra toll expressway network and has a 40-year concession period. The toll road has been in operation since October 2017.
“Investment in brown-field infrastructure projects in Indonesia has started strongly in 2021,” said senior international counsel Matthew Goerke. “Initial concerns over due diligence of physical assets during the pandemic are now largely resolved with little impact on transaction processes and structures.”
Matthew led the team advising Road King, assisted by associate Dimas Adji Syailendra and international counsel Andrew Gadd.