**Indonesia’s Sovereign Wealth Fund and Mitsui Eye CVC’s Stake in RKE International**
Indonesia’s sovereign wealth fund, the Indonesia Investment Authority (INA), along with Japan’s Mitsui & Co, are potential buyers of CVC Capital Partners’ 25% stake in RKE International, an Indonesian toll road operator, which is valued at up to $300 million, according to two informed sources. CVC, a Luxembourg-based investment firm, began the sale process for its stake in RKE International, also known as Road King Expressway International Holdings, late last year. The sale has garnered interest from various financial investors and strategic companies, one source noted.
The estimated value of CVC’s stake ranges from $250 million to $300 million, suggesting a total company valuation of up to $1 billion, as reported by both sources. The remaining shares in RKE International are owned by Road King Infrastructure, a property development and infrastructure group listed in Hong Kong. The sources chose to remain anonymous due to the confidential nature of the matter. CVC has not provided any comments, and RKE International, along with Road King, did not respond to requests for comment. INA stated it could not comment, while Mitsui opted not to discuss individual matters.
This sale occurs amid increasing interest from global investors in infrastructure assets throughout Southeast Asia, driven by the region’s growth potential and the sector’s promise of stable, long-term returns amid global uncertainties. RKE International currently operates a toll road portfolio that includes four expressways in Indonesia, totaling approximately 335 kilometers (208.2 miles) across Central Java, East Java, and North Sumatra, as detailed on Road King’s website.
In 2018, CVC invested 2 billion Hong Kong dollars (approximately $256.7 million) in RKE International, which then had a portfolio of expressways in China. In November 2023, RKE International divested its Chinese expressway assets to Hong Kong-based Cornerstone Holdings Ltd. for 4.4 billion yuan (around $606.8 million).
