GGRM - Expansion into toll road business

GGRM - Expansion into toll road business Gudang Garam (GGRM) plans an expansion into toll road business, right after the operation of their new established Kediri airport, which has started to operate on January 15th, 2024. Recently, GGRM with one of its major shareholders, Suryaduta Investama or SI (holds 69.29% of GGRM shares) have just established a company called Surya Sapta Agung Tol (SSAT), which the company will operate and manage the toll road business. GGRM holds 99.9% of SSAT shares, while SI only holds 0.1% of SSAT shares. Note that, the toll road business that includes; toll road activities, construction of road civil buildings, including development support activities, improvements and maintenance of road fence/retaining wall construction, etc. Based on the information from GGRM' corporate secretary, the establishment of SSAT has no material impact or whatsoever to GGRM' business (law, operational, and financial). All in all, GGRM is looking forward as it expects positive contributions from its airport and toll road business aside from its cigarette business, which currently is still its major contributor for the company. (Source : Kontan)