JAKARTA: PT Citra Marga Nusaphala Persada Tbk, toll road operator, plans to hold rights issue without preemptive rights around 10% of its issued and fully paid share.The company will seek the approval from its shareholders during the extraordinary shareholders meeting on 10 August 2011 regarding such rights issue.This rights issue is limited or private placement. We neither decide the investors nor the standby buyer as we are still waiting for the shareholders approval, said Finance Director Indrawan Sumantri.The proceeds will be used to back Citra Margas expansion to transportation infrastructure sector.However, he declined to detail out such business expansion plan.On Fridays trading, the CMNP-coded stock was closed 2.46% higher or reaching IDR1,250 compared to a day before. Citra Margas market capitalization was IDR2.5 trillion.With the assumed execution price at IDR1,250 per share, Citra Marga potentially generates IDR250 billion from the 10% stock issuance or 200 million share. The toll road operator placed at 18th of the largest market capitalization list in infrastructure sector at Indonesia Stock Exchange.Citra Margas price to earnings ratio (PER) was 6.14 times or cheaper compared to PT Jasa Marga Tbk at 20.79 times. The average PER of toll road operator is 18.48 times.According to Indrawan, 100% of the fund will be used to fund the expansion as it is expected to make Citra Marga stock more liquid.Our performance has always been good yet our stock price does not significantly rise. We expect this expansion plan may attract more investors, he said.Besides issuing new shares, the company also intends to issue bonds this year. The proceeds will be used to finance several stalled toll road acquisition.First half performanceIndrawan said that Citra Marga had booked IDR170 billion unaudited net income in the first half of 2011, soared by 14.09% compared the same period last year at IDR149 billion.This figure is in accordance with the targeted net income until the end of the year at IDR325 billion. In the meantime he projects the revenue to rise 10% as per June compared to the first half of 2010.Based on the analysis consensus compiled by Bloomberg, Citra Marga is estimated to record IDR808.40 billion revenue and IDR310.50 billion net income this year.The best contributor to the companys revenue is the Jakarta Outer Ring Road project.JIUT still becomes the best contributor, yet the toll traffic has been stable. Thus this year we expect a growth on Waru-Juanda, Surabaya toll road whose traffic volume has reached 26,000 vehicle as per June, he said.In 2011, the company projects its revenue to rise by 6% to IDR800 billion.This year, Indra said that Citra Marga will focus on Antasari-Depok toll road construction that is expected to operate in 2014. According to him, Citra Marga has begun the land acquisition process.Citra Marga has three subsidiaries, PT Citra Margatama Surabaya, concession holder of Simpang Susun Waru-Juanda Airport, Surabaya, PT Citra waspputowa, the concession holder of Depok-Antasari toll road and PT Global Network Investindo, a company focusing on trade, construction and services including toll road operational maintenance services.Citra Margas shareholders are MS Co International Ltd (13,32%), Remington Gold Ltd (5,23%), Sumampow Ievan Dani (5,13%), Vanguard Group Inc (0,08%), and Acadian Asset Management (0,07%). (18) (t02/msw)

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