KONTAN.CO.ID - JAKARTA. PT Gudang Garam Tbk (GGRM) is expanding its business wings again. After completing the construction of Kediri Airport, which began operations this year, GGRM is diversifying its business into toll road construction in Kediri and Tulungagung.

Quoting the disclosure of information from the Indonesia Stock Exchange (IDX), on Wednesday (14/2), GGRM together with PT Suryaduta Investama, which holds 1.33 billion shares or as much as 69.29% of GGRM shares, has established a new subsidiary which is a Toll Road Business Entity (BUJT).

Gudang Garam's Director and Corporate Secretary Heru Budiman said, that as of February 12, 2024, Gudang Garam and Suryaduta Investama established a subsidiary named PT Surya Sapta Agung Tol (SSAT).

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"The establishment of SSAT as a BUJT for the construction of the toll road project as mentioned above, does not have an impact on operational activities, legal, financial conditions, or the sustainability of Gudang Garam's business," Heru said in the disclosure of information, Tuesday (13/2).

The establishment of SKA has been poured into the Deed of Establishment of PT Surya Sapta Agung Tol Number 2 dated February 12, 2024, made before Danny Rachman Hakim, S.H., M.Kn, Notary in Kediri (Deed of Establishment of SSAT), and has obtained approval from the Minister of Law and Human Rights based on Decision No. AHU-0011836.AH.01.01.YEAR 2024 dated February 12, 2024.

The capital structure and share ownership structure as well as the purpose and objectives of SSAT include a basic capital of IDR 3.5 trillion divided into 3.5 million shares, each share with a nominal value of IDR 1 million. The placed and paid-up capital is IDR 2 trillion consisting of 2 million shares.

Gudang Garam took a share in SSAT as much as 1.99 trillion shares (99.9%) or equivalent to IDR 1.99 trillion. Meanwhile, Suryaduta Investama took part in 1 SSAT share or equivalent to IDR 1 million.

"The purpose of establishing SSAT is to carry out business activities as a BUJT which includes toll road activities, civil building construction roads, including supporting construction, improvement, maintenance of fence/wall retaining roads," he said.

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In addition, civil building construction of bridges, flyovers, flyovers, and underpasses, including construction activities, improvements, maintenance support, complements and bridge and flyover equipment, such as retaining walls/fences, road drainage, road markings, and signs.

An analyst from Kiwoom Securities Indonesia, Abdul Azis Setyo Wibowo said the establishment of the BUJT business line could contribute positively to GGRM's performance.

"We haven't calculated yet but we see its contribution is still not so big from the cigarettes and paperboards segment," Azis told Kontan.co.id, Wednesday (14/2).

The prospect of the BUJT business itself is predicted to still have positive potential especially now that mobility is normal and vehicle traffic can also potentially increase especially on holiday momentum.

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Although GGRM often diversifies its business, Azis still considers GGRM's performance to be relatively sluggish in terms of sales, considering the purchasing power is still weakening due to the limited minimum wage increase.

"On the other hand, the increase in cigarette excise this year can also increase the burden from GGRM," he said.

Senior Investment Information Mirae Asset Securities, Muhammad Nafan Aji Gusta Utama considers, the business diversification carried out by GGRM is a form of supporting performance in the long term.

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"This is actually for the long term. Not to mention GGRM has also completed the construction of the Airport which will operate this year," Nafan told Kontan.co.id, Wednesday (14/2).

Nafan said this step is a response to the government's policy that has raised cigarette excise. For information, the government has set regulations that regulate the increase in CHT rates for cigarettes and their minimum Retail Selling Price (HJE) through PMK 191/2022.

Through these rules, the government regulates cigarette excise rates with an average increase of 10% each year in 2023 and 2024. Meanwhile, specifically for Handmade Kretek Cigarettes (SKT), the maximum excise rate increase is 5% as a form of favoritism towards sectors that absorb a lot of labor.

Nafan recommends accumulating on GGRM shares with a target price of IDR 20,950 per share. Meanwhile, Azis still recommends holding on GGRM shares.

Editor: Syamsul Azhar