(Bloomberg) -- A consortium led by GIC Pte and another group headed by Indonesia Investment Authority are among the final bidders for a stake in one of PT Jasa Marga’s units, according to people familiar with the matter.

The Indonesian state-owned toll road operator is in talks with potential investors to sell about a 35% stake in PT Jasamarga Transjawa Tol, the people said. The stake sale could raise at least $750 million, said the people, who asked not to be identified as the information is private. 

The GIC-led group and the INA-led consortium are in advanced discussions for the Transjawa Tol stake, according to the people. There are still other parties interested in the asset, the people said. Deliberations are ongoing and may not result in a transaction, they added.

Shares of Jasa Marga surged as much as 4.4% in Jakarta on Monday, the most in a month, after the Bloomberg News report.

Jasa Marga President Director Subakti Syukur declined to comment on the shortlisted bidders, adding that the equity financing for Transjawa Tol is ongoing. The company is in discussions with potential strategic partners and stakeholders, he said.

INA and its investment partners continue to monitor and evaluate various toll roads in Indonesia for investment opportunities and discussions are ongoing with several toll road owners, according to its representative, who declined to comment on the specifics. A representative for GIC declined to comment.

Established in 2017, Jasamarga Transjawa Tol operates toll road networks in the provinces of West Java, Central Java and East Java, the company’s website shows. The parent planned to list Transjawa Tol in Jakarta in 2023.

Founded in 1978, Jasa Marga is the first and largest toll road operator in Indonesia, managing 35 toll road concessions with a total road length of 1,809 kilometers (1,124 miles), according to its website. Indonesia’s government owns 70% of the firm, according to data compiled by Bloomberg. The company has been planning a private placement of Transjawa Tol to bring in a strategic investor, Bloomberg News reported in February.

(Adds Jasa Marga’s share move in fourth paragraph.)

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