TEMPO.CO, Jakarta - Transportation Minister Budi Karya Sumadi said that the construction of Kertajati Airport in Majalengka, West Java will be funded by mutual fund investments. The mutual funds include those from the state's social security agency for labor, BPJS Ketenagakerjaan.
According to Budi, Danareksa will formulate the financing scheme into convertible bonds and provide the underwriter.
With the scheme, Budi said, the government will be spared from spending the state budget on the airport's first phase of construction. BPJS Ketenagakerjaan can sell convertible bonds, mutual funds and stocks to state-owned companies of airport operators.
"Kertajati will be managed by Angkasa Pura II," he said.
President director of PT Bandara International Jawa Barat (BIJB), Virda Dimas Ekasaputra, said Danareksa will issue private equities (RDPT) to finance the project. BIJB will be the project's owner, while PT Sarana Multi Infrastruktur will be the arranger.
BPJS Ketenagakerjaan, PT Taspen and Danareksa will be the mutual funds' prospective buyers. "We will also allow other parties to buy them," Virda told Tempo.
The first stage of Kertajati Airport's construction requires Rp2.1 trillion, of which 70 percent is sourced from investors while the rest comes from banks' syndicated loan.