PT Bakrie & Brothers Tbk (“BNBR” or the “Company”) announced that its shareholders have approved the planned acquisition of 90% of the shares in PT Cimanggis Cibitung Tollways (“CCT”) through its subsidiary, PT Bakrie Toll Indonesia (“BTI”). With the approval of this acquisition plan, BNBR will become the sole shareholder in the Toll Road Business Entity (“BUJT”).

“This transaction is being conducted in connection with a strategic opportunity for the Company to acquire all of CCT’s shares from SMI and WTR. The Company believes this opportunity provides the right momentum to consolidate full ownership of CCT,” said BNBR President Director & CEO, Anindya N. Bakrie, to reporters after BNBR’s Extraordinary General Meeting of Shareholders (EGMS) in Jakarta on Wednesday (September 10, 2025).

As previously reported, the Company currently owns 10% of CCT shares, both directly and through its Business Group, and has been a shareholder since CCT’s inception. In addition to the Company, PT Cimanggis Cibitung Tollways (“CCT”) as the BUJT for the Cimanggis-Cibitung toll road section, is currently also owned by PT Sarana Multi Infrastruktur (“SMI”) at 55% and PT Waskita Toll Road (“WTR”) at 35%.

“The primary consideration for this transaction is to strengthen the Company’s Business Group’s position in the national infrastructure sector, in line with the Company’s long-term business strategy focused on infrastructure and manufacturing development,” explained Anin.

According to Anin, with 100% ownership of CCT shares, the Company is expected to optimize business synergies, enhance operational and strategic control over the toll road assets, and drive sustainable and significant revenue contributions to the Company’s Business Group’s consolidated performance going forward, with the potential for annual revenue growth in the medium term to exceed 25% of the Company’s total revenue.

BNBR Deputy President Director A. Ardiansyah Bakrie added that the total value of the takeover transaction is IDR 3.56 trillion. This includes the total share acquisition value of IDR 1 trillion and the acquisition of WTR and SMI’s receivables from CCT in connection with loans from CCT shareholders provided by WTR and SMI, totaling IDR 2.56 trillion, which represents the principal of the loans from these shareholders. These receivables will then be converted into equity shares in CCT to strengthen CCT’s capital structure going forward.

Ardi stated that the funds for the acquisition of 55% of SMI’s shares and 35% of WTR’s shares, as well as the Company’s receivables, were funded by a loan from ADH Jackpot SPV Limited, a subsidiary of an investment holding company domiciled in the United Arab Emirates, with a maximum loan amount of US$312 million, equivalent to Rp5.14 trillion. This transaction received shareholder approval at the Extraordinary General Meeting of Shareholders (“EGMS”) on Wednesday, September 10, 2025. The conditional share purchase agreement was agreed upon by the parties on July 23, 2025.

“The Cimanggis-Cibitung toll road is highly strategic, as it serves as an alternative route to alleviate congestion on other toll roads, particularly the Jakarta-Cikampek Toll Road. It is also a crucial component in improving transportation connectivity and efficiency, as well as fostering industrial and economic growth in the Greater Jakarta area,” Ardi explained.

About PT Cimanggis Cibitung Tollways

PT Cimanggis Cibitung Tollways (“CCT”) is a Toll Road Business Entity that manages the 26.184 km Cimanggis-Cibitung Toll Road Section with a 45-year concession period since its establishment on February 22, 2008, based on Notarial Deed No. 52 of Agus Madjid, SH. The company’s business activities include financing, technical planning, construction implementation, and operation and maintenance of the Cimanggis-Cibitung Toll Road.

The Cimanggis-Cibitung Toll Road, a National Strategic Project managed by CCT, has been fully operational since July 10, 2024, after being inaugurated by Indonesian Vice President Ma’ruf Amin on July 9, 2024. This toll road is part of the Jakarta Outer Ring Road (JORR) 2 Toll Road network, connecting Depok City, Bekasi City, Bogor Regency, and Bekasi Regency. It is also connected to the Jakarta-Cikampek and Jagorawi sections of the Trans-Java Toll Road. The Cimanggis-Cibitung Toll Road consists of two sections. Section 1, the Cimanggis-Jatikarya segment (3.17 km), has been operational since November 2020. Section 2, the Jatikarya-Cibitung segment (23.01 km), consists of Section 2A, the Jatikarya-Cikeas segment (3.36 km) and Section 2B, the Cikeas-Cibitung segment (19.65 km).

Changes to the Company’s Management

Shareholders, through the Company’s Extraordinary General Meeting of Shareholders (“EGMS”), also approved the addition of two commissioners and one independent commissioner. The two commissioners are Syailendra S. Bakrie and Adika Aryasthana Bakrie. The one independent commissioner is Adrian Toho Parada Panggabean.