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The country’s biggest toll road operator, PT Jasa Marga, has revived and expanded a plan to sell minority stakes it holds in various subsidiaries.

Jasa Marga president director Frans Sunito said on Monday that all of the stakes the company planned to offer would be smaller than 20 percent.

“We’re planning to sell minority stakes in our subsidiaries, but we’re not going to rush into the sales,” Frans said. “I’m sure we will sell stakes in some companies this year and some next year.”

Jasa Marga owns minority stakes of less than 20 percent in 12 companies and plans to sell them all.

The company owns 15 percent of PT Citra Matraman Satriamarga Persada, which operates the Kebon Jeruk-Pondok Pinang toll road. It also holds an 8.76 percent stake in PT Bosowa Marga Nusantara, which operates a toll road in Bintaro and South Sulawesi, and a 15 percent share of PT Cipta Margatama Surabaya, a toll operator in East Java.

Frans declined to reveal the expected revenue from the sales, saying it would depend on market conditions.

“The proceeds of the sales will be used to finance the company’s project expansions, such as the takeovers of three unfinished toll road sections,” he said, without providing details.

Jasa Marga had planned to sell its stakes in four subsidiaries last year, but the move was postponed when the global financial crisis sent stock markets into a tailspin.

At the time Jasa Marga finance director Reynaldi Hermansjah said the sale of the four minority stakes would have raised about Rp 300 billion ($30 million).

Meanwhile, Frans said Jasa Marga would raise fees on some of its toll road sections by 15 percent later this month and early next month. “The tariff hike will be valid for all of Jasa Marga’s sections, excluding those sections where the tariff was raised in 2007,” he said.