PT Jasa Marga (Persero) Tbk plans to conduct an initial public offering (IPO) of the business entity managing the Trans Java toll road, namely PT Jasamarga Transjawa Tol (JTT).

Jasa Marga's Finance Director, Donny Arsal, said that the company would realize the IPO plan after spinning off 14 toll roads.

"The spin-off is in the Trans Java sub-holding. There, the shells we are preparing for the IPO," said Donny in an online discussion in Jakarta, on Monday (8/3).

According to him, currently,  the company calculates the valuation and is waiting for the right time to realize the corporate action. However, he estimates that this corporate action will only occur within the next 1-2 years.

"Hopefully COVID-19 subsides so that our income will return to normal because of the valuation based on the income and cash flow from the sub-holding," he explained.