Citra Marga to build $195m turnpike in the Philippines

Ika Krismantari, The Jakarta Post, Jakarta 

Citra Marga Nusaphala Persada (CMNP), a publicly listed toll operator, plans to build a turnpike in the Philippines with a total investment of US$195 million. 

Director of operations Hudaya Arryanto said over the weekend the project would start early next year and was scheduled to be completed in 2010. 

The project, known as Metro Manila Skyway, is the company's second project in the Philippines. CMNP will build a toll road connecting Bicutan to Alabang with a total length of 6.8 kilometer. 

The first one involves the construction of a 13.5-kilometer toll road connecting Buendia and Bicutan regions. The company has a 21 percent stake in the two projects. 

"We are in talks with a number of local banks in the Philippines to provide loans for the project," Hudaya said, without naming the banks. 

Aside from the projects in the Philippines, the company also has projects in Malaysia. 

On the domestic front, the company's ongoing projects include Cawang-Tanjung Priok turnpike (North South Link) -- a section of Tanjung Priok Port-Jembatan Tiga (Harbor Road) and Surabaya Eastern Ring Road tollway. 

It plans to start the construction of a Depok-Antasari turnpike with a total length of 22.8 kilometers by the end of this year. 

With its domestic and overseas projects, the company expects a net profit of Rp 120 billion ($11.4 million) this year, having recorded Rp 92 billion in net profit in the first nine months of the year. 

Formerly controlled by the eldest daughter of former president Suharto, Siti Hardiyanti Rukmana, CMNP is now 58.3 percent owned by the public. 

State toll road operator and builder PT Jasa Marga also owns about 17.8 percent stake in the company.