JAKARTA: Toll road operator PT Nusantara Infrastructure Tbk (META) today surged 17.54% to IDR335 per share on market speculation that Rajawali Group might inject it with other assets. On last Friday, Nusantara soared 7.55% to IDR285 per share."Investors speculate that Rajawali Group might inject assets into Nusantara, so the shares should be increased," a local fund manager said.Rajawali Group intends to enlarge shares ownership in Nusantara Infrastructure after it purchased 23.6% holding or 3.2 billion shares at Rp448 billion or Rp140 per share.Previously, Infrastructure Growth Fund held 52.25% stake in META, while Bosowa Trading owns 17.48% stake."The stake available is 23.6%. We aim to enlarge holding in META if the other shareholders want to sell the stakes," said Rajawali Managing Director Darjoto Setiawan said recently.Nusantara Infrastructure posted Rp132.75 billion revenue and Rp22.25 billion net loss as of September 2010. Operating income reached Rp49.80 billion and book value per share was Rp73.35. With annualized BV per share this year of Rp97.8, the acquisition price reflects 1.43x, which is so cheap.Toll road business contributed Rp146.73 billion revenue to Nusantara Infrastructure of consolidated revenue of Rp190.50 billion. Nusantara Infrastructure controls operator PT Bintaro Serpong Damai for Jakarta-Serpong toll road. (wiw)

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