Indonesia Express Logistics (IFC-42548)

  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
PT Adi Sarana Armada Tbk, headquartered in Jakarta, Indonesia with nationwide operation
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 25, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 15, 2020

Disclosed by Bank Nov 12, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank document, "the proposed investment is a convertible loan of up to US$70 million equivalent (for 15-20% fully converted equity interest) to PT Adi Sarana Armada (ASSA or Group), a transportation and logistics services provider in Indonesia, to support e-commerce logistics scale-up for the E-logistics division PT Tri Adi Bersama (Anteraja) (the “Project”)". 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The IFC investment of up to IDR 450 billion (~US$31.4 million) will provide growth capital for the scale-up of ASSA’s express logistics subsidiary and overall expansion of ASSA’s logistics business.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

PT Adi Sarana Armada (ASSA) is a transportation and logistics service provider in Indonesia, listed on the Indonesia Stock Exchange. ASSA provides transportation solutions that include longer-term corporate car rentals and vehicle disposal (through the largest vehicle auction platform in Indonesia), as well as services for fleet management, logistics, and driver management. ASSA is a majority-owned subsidiary of the Triputra Group, a local business conglomerate.

ASSA has multiple legal subsidiaries structured around the particular business licenses required for different aspects of its operations:
1) PT Duta Mitra Solusindo is the company that manages drivers for the car rental services;
2) PT Adi Sarana Logistik (ASL) is the non-active logistics company, with fleet logistic services managed through ASSA;
3) PT Adi Sarana Lelang (AS Lelang) is a non-operational car auction company established to manage the auction business through the joint venture with Japanese investors (Sumitomo and Mitsui) of PT Japanese Bike Auction Indonesia (JBAI);
4) PT Adi Sarana Properti (ASP) is a non-active entity created to manage the property portfolio of the car auction and e-commerce businesses;
5) PT Tri Adi Bersama (TAB) is the entity created to manage the e-commerce division, entitled Anteraja;
6) PT Adi Sarana Investindo (ASI) is a boutique investment company and non-active at the time of this appraisal;
7) ASSA Employee Cooperative is an entity established to support employees with small loans and other support and is non-active at the time of this appraisal.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ASSA Employee Cooperative Subsidiary -
- - - - PT Adi Sarana Investindo Subsidiary -
- - - - PT Adi Sarana Lelang Subsidiary -
- - - - PT Adi Sarana Logistik Subsidiary -
- - - - PT Adi Sarana Properti Subsidiary -
- - - - PT Duta Mitra Solusindo Subsidiary -
- - - - PT Tri Adi Bersama Subsidiary -
- - - - Triputra Group Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

The Project Contact

PT Adi Sarana Armada Tbk
Hindra Tanujaya
Chief Financial Officer
+62 (21) 6530 8811
Graha Kirana Lt. 6Jl. Yos Sudarso No. 88Jakarta Utara 14350, Indonesia

IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access for Project Documentation

Not Applicable


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