20241016_JSMR_Tanggapan atas Permintaan Penjelasan Bursa_31746574_lamp1.pdf

e. Perkiraan pangsa pasar yang didapatkan Perseroan di masa depan dengan
menambah porsi kepemilikan JKC.
Penambahan porsi kepemilikan JKC tidak menambah pangsa pasar jalan tol
beroperasi maupun jalan tol yang konsesi yang dimiliki oleh Perseroan mengingat saat
ini JKC telah beroperasi penuh sejak Desember 2023 dan Perseroan merupakan
pengendali utama di JKC baik sebelum maupun setelah transaksi.

2. Pada tanggal 11 September 2024, Perseroan melakukan pendirian Badan Usaha Jalan
Tol Bogor Serpong Infra Selaras bersama PT Persada Utama Infra (PUI), PT Adhi Karya
(Persero) Tbk (ADHI), PT Hutama Karya Infrastruktur (HKI). Perseroan melakukan
penyertaan saham pada PT Bogor Serpong Infra Selaras sebesar Rp4.394.000.000 atau
sebanyak 4.394 lembar saham atau sebesar 26Y4 dari jumlah modal yang ditempatkan
dan disetor penuh.

Agar dapat dijelaskan:

a. Pihak pengendali atas penyertaan saham PT Bogor Serpong Infra Selaras.
Pihak pengendali pada PT Bogor Serpong Infra Selaras adalah PT Persada Utama
Infra (PUI) dengan kepemilikan saham sebesar 5244.

b. Apakah Perseroan telah melakukan studi/analisis kelayakan terhadap transaksi
penyertaan saham PT Bogor Serpong Infra Selaras tersebut. Agar dielaborasi.
Perseroan telah melakukan studi/analisis kelayakan terhadap proyek yang akan
dikerjakan pada PT Bogor Serpong Infra Selaras serta memperhitungkan kapasitas
keuangan Perseroan. Adapun kelayakan pada proyek tersebut adalah baik.

Cc. Sumber dana penyertaan saham tersebut.
Saat ini Perseroan baru melakukan setoran awal untuk pendirian Badan Usaha Jalan
Tol yang bersumber dari kas Perseroan.

d. Perkiraan investasi yang dibutuhkan Jalan Tol Bogor-Sepong (via Parung).
Nilai Investasi Jalan Tol Bogor-Serpong (via Parung) adalah sebesar sekitar 12 Triliun
Rupiah.

e. Estimasi beroperasinya Jalan Tol Bogor-Serpong (via Parung).
Estimasi beroperasinya Jalan Tol Bogor-Serpong (via Parung) adalah pada tahun
2029.

f. Persentase pangsa pasar yang didapatkan Perseroan dengan meningkatnya

pengembangan dan pengoperasian jalan tol khususnya pada Jalan Tol Bogor-
Serpong.
Pangsa pasar Perseroan saat ini dihitung berdasarkan panjang (km) dari ruas jalan tol
dimana Perseroan menjadi pemegang saham mayoritas, entitas pengendalian
bersama, atau memiliki lebih dari 50Yx kepemilikan saham. Sedangkan, Perseroan
merupakan pemegang saham minoritas dari Jalan Tol Bogor-Serpong, sehingga tidak
terdapat peningkatan pangsa pasar Perseroan akibat pengembangan dan
pengoperasian jalan tol tersebut.

3. Pada tanggal 27 September 2024, Perseroan melakukan penjualan sebagian saham JTT
sebanyak 6.200.042.303 lembar saham atau ekuivalen 30,18”o kepada PT Margautama
Nusantara (MUN), PT Metro Pacific Tollways Indonesia Services (MPTIS), dan Warrington
Investment Pte., Ltd (WIPL). Selain itu, JTT menerbitkan saham baru sebanyak
1.208.585.244 kepada MPTIS sehingga proporsi saham Perseroan terdilusi sebesar
3,824. Atas aksi korporasi tersebut, dapat kami sampaikan hal-hal sebagai berikut:

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Perseroan diproyeksikan akan membutuhkan pendanaan yang cukup besar untuk
menyelesaikan pembangunan 5 ruas jalan tol baru yang konsesinya telah dimiliki oleh
Perseroan dengan rincian sebagai berikut:

No Ruas Jalan Tol Panjang (km) apaan

1 | Jakarta-Cikampek II Selatan 62,00 km 91,042
2 | Jogja-Bawen 75,82 km 60,044
3 | Jogja-Solo 96,57 km 59,04
4 | Probolinggo-Banyuwangi (I-II)' 171,50 km 95,075
5 |Akses Patimban 35,90 km 57,240

Selain itu dapat kami sampaikan pula bahwa pada tanggal 11 September 2024, Perseroan
telah melakukan pendirian Badan Usaha Jalan Tol PT Bogor Serpong Infra Selaras
(“BSIS”) bersama PT Persada Utama Infra (“PUI”), PT Adhi Karya (Persero) Tbk (“ADHI”),
PT Hutama Karya Infrastruktur (“HKI”) sehubungan dengan telah ditunjuknya konsorsium
tersebut sebagai pemenang atas tender konsesi ruas jalan tol Bogor-Serpong. Porsi
kepemilikan Perseroan atas BSIS yaitu sebanyak 4.394 lembar saham atau sebesar 2676.

Sesuai dengan struktur pemodalan yang digunakan Perseroan untuk pendanaan ruas
jalan tol baru dimana 3095 bersumber dari ekuitas dan 706 bersumber dari hutang, atas
investasi baru ini tentunya akan menekan rasio keuangan (terutama rasio utang)
Perseroan ke depan dan adanya kebutuhan pemenuhan pendanaan ekuitas berupa
setoran modal pemegang saham. Oleh sebab itu, untuk menjaga rasio keuangan di level
yang optimal, maka Perseroan melakukan alternatif pendanaan berbasis ekuitas (eguity
financing) pada JTT.

Penjualan JTT tidak mengubah atas pengendalian Perseroan pada JTT sehingga sesuai
Pasal 18 Ayat 1 huruf g POJK 17/2020 tidak memerlukan reviu oleh akuntan atas
Informasi proforma konsolidasi Perseroan. Kepemilikan Pemegang Saham setelah
dilakukannya transaksi sesuai dengan dokumen transaksi antara lain:

Nama Pemegang Saham Lembar Saham Komposisi (Y2)
Perseroan 14.140.447.358 65,000Y5
MPTIS 4.416.170.482 20,300Y4
WIPL 2.276.612.025 1046576
MUN 921.304.532 4,235Y0
Total 21.754.534.397 10075

Perseroan akan menyampaikan kembali koreksi atas Keterbukaan Informasi sehubungan
dengan kelengkapan tambahan atas informasi terkait komposisi pemegang saham JTT
dan penjumlahan neraca atas total liabilitas serta laporan keuangan JTT yang telah diaudit
selama 2 (dua) tahun terakhir.

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4. Fakta/informasi material/kejadian penting yang dapat berpengaruh signifikan terhadap
Perseroan serta dipandang dapat mempengaruhi fluktuasi perdagangan saham
Perseroan yang belum diungkapkan kepada publik dan wajib untuk segera diungkapkan
kepada publik.

Tidak terdapat fakta/informasi material/kejadian penting lainnya yang belum
diinformasikan kepada publik yang berpotensi mempengaruhi fluktuasi harga saham
Perseroan.

Dokumen Perjanjian Pengikatan Jual Beli (PPJB) antara Perseroan dengan pihak ketiga
pembeli saham JTT dan proyeksi keuangan serta business plan periode 2024 hingga 2028
tidak dapat kami sampaikan mengingat perjanjian kerahasiaan antara pihak-pihak yang
bertransaksi. Namun, kami dapat menyampaikan akta jual beli (AJB) atas transaksi dimaksud
bersamaan dengan penyampaian surat tanggapan ini. Adapun untuk hal-hal lain yang
dibutuhkan penjelasannya oleh Bursa namun bersifat tidak dapat dipublikasikan,
penjelasannya akan kami sampaikan secara terpisah menggunakan form E074 pada SPE-
IDXnet.

Demikian hal ini kami sampaikan, atas perhatian dan kerjasamanya kami ucapkan terima
kasih.

ori Sitorus

Corporate Secretary and
Chief Administration Officer

Tembusan, Yth:

1. Direktur Pengawasan Transaksi Efek, Otoritas Jasa Keuangan:
2. Direktur Penilaian Keuangan Perusahaan Sektor Jasa, Otoritas Jasa Keuangan:
3. Direksi PT Jasa Marga (Persero) Tbk.

(Pe ale ya

AKHLAK - Amanah, Kompeten, Harmonis, Loyal, Adaptif, Kolaboratif

JASAMARGA

Indonesia Highway Corp.

No. 1 AB.PN.06.03.385 16 October 2024
Encl ..-
Subject : PT Jasa Marga (Persero) Tbk (Company) Response to the Exchange's

Reguest for Explanation

To.

Direktur Penilaian Perusahaan

PT Bursa Efek Indonesia

Indonesia Stock Exchange Building, Tower |
Jalan Jend. Sudirman Kav 52-53

Jakarta 12190

Attn. Kepala Divisi Penilaian Perusahaan Group 2

Referring to the Letter of PT Bursa Efek Indonesia (BEI) S-10727/BEI.PP2/10-2024 dated 11
October 2024 about Reguest for Explanation, we hereby provide an explanation of these
guestions which are presented as follows:

1. On July 8 2024, the Company signed the Deed of Sale and Purchase of Shares of PT
Jasamarga Kunciran Cengkareng (JKC) where the Company purchased 16,515,376
shares of JKC shares owned by Synergy Guest International Limited or the eguivalent of
1096, so that it can be explained:

a. The direct financial impact considering there is no change in the Company's control
over JKC.
There is no change in the Company's control over JKC considering that previously the
Company owned 78.674 of the shares in JKC and JKC has been consolidated in the
Company's financial statements.
By increasing share ownership in JKC, there will be an increase in profits attributable
to the parent (Jasa Marga).

b. The amount of funds used by the Company to purchase 1096 of JKC shares.
The funds used by the Company to purchase 1094 of JKC shares amounted to IDR
290,000,000,000.00 (Two Hundred and Ninety Billion Rupiah).

c. The source of funds used by the Company to purchase JKC was Synergy Auest
International Limited.
The source of funds used is the Company's loan facility.

d. The company stated that this corporate action was to optimize its business portfolio
and balance growth. To convey the expected level of growth with the additional portion
of JKC ownership.

The purchase of JKC shares is expected to optimize the business portfolio and balance
the Company's growth through increasing the contribution of profits and dividends from
JKC to the Company. Apart from that, JKC has the potential to contribute additional
dividends. In the future, JKC is projected to continue to make a positive contribution to
Jasa Marga so that, by purchasing 10Y6 of SOI's shares in JKC, there is the potential
for additional profits to be attributed to parent Jasa Marga until the end of the JKC
concession period. JKC also has guite good financial capabilities, so JKC does not
need cash deficiency support (CDS) to finance operational activities and fulfill its credit

obligations.
PT JASA MARGA (PERSERO) Tbk.

| Taman Mini Indonesia Indah

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www.jasamarga.com

ar@jasamarga.com

e. Estimated market share that the Company will gain in the future by increasing the
portion of JKC ownership.
The additional portion of JKC's ownership does not increase the market share of
operating toll roads or concession toll roads owned by the Company considering that
currentiy JKC has been fully operational since December 2023 and the Company is
the main controller in JKC both before and after the transaction.

2. On September 11 2024, the Company established the Bogor Serpong Infra Aligned Toll
Road Business Entity together with PT Persada Utama Infra (PUI), PT Adhi Karya
(Persero) Tbk (ADHI), PT Hutama Karya Infrastruktur (HKI). The Company invested in
shares in PT Bogor Serpong Infra Selaras amounting to IDR 4,394,000,000 or 4,394
shares or 2694 of the total issued and fully paid capital.

To explain:

a. The controlling party for the investment in shares of PT Bogor Serpong Infra Selaras.
The controlling party at PT Bogor Serpong Infra Selaras is PT Persada Utama Infra
(PUI) with share ownership of 5276.

b. Has the Company carried out a feasibility study/analysis of the share investment
transaction in PT Bogor Serpong Infra Selaras? To be elaborated.
The Company has carried out a feasibility study/analysis of the project to be carried
out at PT Bogor Serpong Infra Selaras and taken into account the Company's financial
capacity. The feasibility of the project is good

Cc. Source of funds for the share investment.
Currently the Company has only made the initial deposit for the establishment of a Toll
Road Business Entity which comes from the Company's cash.

d. Estimated investment reguired for the Bogor-Sepong Toll Road (via Parung).
The investment value of the Bogor-Serpong Toll Road (via Parung) is around 12 trillion
Rupiah.

e. Estimated operation of the Bogor-Serpong Toll Road (via Parung).
The estimated operation of the Bogor-Serpong Toll Road (via Parung) is in 2029

f The percentage of market share obtained by the Company by increasing the
development and operation of toll roads, especially on the Bogor-Serpong Toll Road.
The percentage of market share obtained by the Company by increasing the
development and operation of toll roads, especially on the Bogor-Serpong Toll Road
The purchase of JKC shares is expected to optimize the business portfolio and balance
the Company's growth through increasing the contribution of profits and dividends from
JKC to the Company. In the future, JKC is projected to continue to make a positive
contribution to Jasa Marga so that, by purchasing 1074 of SAI's shares in JKC, there
is the potential for additional profits to be attributed to parent Jasa Marga until the end
of the JKC concession period. JKC also has guite good financial capabilities, so JKC
does not need cash deficiency support (CDS) to finance operational activities and fulfill
its credit obligations.

3. On September 27, 2024, the Company sold a portion of its shares in JTT amounting
to 6,200,042,303 shares or eguivalent to 30.186 to PT Margautama Nusantara
(MUN), PT Metro Pacific Tollways Indonesia Services (MPTIS), and Warrington
Investment Pte, Ltd (WIPL). Additionally, JTT issued new shares totaling

AKHLAK - Amanah, Kompeten, Harmonis, Loyal, Adaptif, Kolaboratif

1,208,585,244 to MPTIS, resulting in a dilution of the Company's shareholding by
3.820h. Regarding this corporate action, we would like to convey the following points:

The Company is projected to reguire substantial funding to complete the construction
of 5 new toll road segments for which it holds the concessions, with details as follows:

No Toll Road Segment Length (km) 1 @unerehip of
1 | Jakarta-Cikampek II Selatan 62.00 km 91.076
2 | Jogja-Bawen 75.82 km 60.0Yo
3 | Jogja-Solo 96.57 km 59.07
4 | Probolinggo-Banyuwangi (-II)' 171.50 km 95.0
5 | Akses Patimban 35.90 km 57.2

Additionally, we would like to inform you that on September 11, 2024, the Company
established a Toll Road Business Entity, PT Bogor Serpong Infra Selaras (“BSIS”), in
collaboration with PT Persada Utama Infra (“PUI"), PT Adhi Karya (Persero) Tbk
(“ADHI”), and PT Hutama Karya Infrastruktur (“HKI”), following the consortium's
selection as the winner of the tender for the Bogor-Serpong toll road concession. The
Company's ownership stake in BSIS is 4,394 shares, or 2674.

In accordance with the capital structure used by the Company for funding the new toll
road segments, where 3054 is sourced from eguity and 70Y4 from debt, this new
investment will certainly impact the Company's financial ratios (especially the debt
ratio) going forward, as well as create a need for eguity funding in the form of
shareholder capital contributions. Therefore, to maintain financial ratios at an optimal
level, the Company is pursuing eguity-based financing for JTT.

The sale of JTT does not alter the Company's control over JTT, thus in accordance
with Article 18 Paragraph 1 letter g of POJK 17/2020, a review by an accountant of the
Company's pro forma consolidated information is not reguired. The ownership of
shareholders after the transaction is as outlined in the transaction documents, among

others:
Shareholder Names Shares Composition (Y)
The Company 14.140.447.358 65,000
MPTIS 4.416.170.482 20,300Y4
WIPL 2.276.612.025 10,46576
MUN 921.304.532 423549
Total 21.754.534.397 10072

The Company will provide corrections to the Disclosure of Information regarding the
additional completeness of information related to the composition of JTT shareholders
and the summation of the balance sheet on total liabilities, as well as the audited
financial statements of JTT for the past 2 (two) years.

4. Material facts/information/significant events that may have a substantial impact on the
Company and are considered likely to influence the fluctuations in the Company's
share trading that have not yet been disclosed to the public and must be disclosed to
the public immediately.

AKHLAK - Amanah, Kompeten, Harmonis, Loyal, Adaptif, Kolaboratif

There are no other material facts/information/significant events that have not been
disclosed to the public that could potentially affect the fluctuations in the Company's
share price.

We are unable to provide the Sale and Purchase Agreement (PPJB) documents between the
Company and the third-party buyers of JTT shares, as well as the financial projections and
business plan for the period 2024 to 2028, due to a confidentiality agreement between the
parties involved in the transaction. However, we can provide the Sale and Purchase Deed
(AJB) related to the transaction along with this response letter. For other matters reguiring
clarification by the Exchange that cannot be published, we will provide the explanation
separately using form E074 on SPE-IDXnet.

We hereby convey this information, and we thank you for your attention and cooperation.

ll Sitorus
Corporate Secretary and
Chief Administration Officer

Cc:

1. Director of Securities Transaction Supervision, Financial Services Authority,
2. Director of Corporate Financial Valuation, Service Sector, Financial Services Authority,
3. Board of Directors of PT Jasa Marga (Persero) Tbk.

re Cas

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