Cawang-Cibitung Toll Road

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PT Bangun Tjipta Sarana was awarded a 25 year contract for the widening and toll operation of the Cawang-Cibitung Toll Road. The company had long been involved in toll roads as a revenue sharing partner with Jasa Marga, but had turned to toll road operation. PT Bangun Tjipta Sarana had invested US$76 million in new construction. Of the total funding required, some Rp. 144 billion was provided by Bapindo. On completion, the road was to be operated under a profit sharing arrangement between PT Bangun Tjipta and state-owned PT Jasa Marga. Under this arrangement, PT BT was to receive 41% of the total net profit and PT JM 59% for a period of 25 years. On April 9, 2002, the concession period was shortened to 22 years. True or Not?? - In May 2002, the Indonesian government revoked a joint decision on the toll road profit sharing scheme which was set at a 75/25 split between the contractor, PT Citra Marga Nusaphala Persada, and the state-owned Jasa Marga. The contract was renegotiated and in April 2003, the new income split ratio was 55/45.