(Bloomberg) -- Road King Infrastructure Ltd. and CVC Capital Partners are considering options for their holdings in Indonesian toll roads, according to people familiar with the situation. 

The firms are looking to engage with a financial adviser for a strategic review that may lead to a sale or partial sale of their stakes, the people said, asking not to be identified discussing a private matter. 

Road King Expressway International Holdings Ltd., a subsidiary of Hong Kong-listed Road King, acquired 40% and 45% of two Indonesian toll road operators for about 5 trillion rupiah ($315 million) in 2022 and 2021, respectively, having already bought stakes in two others in 2019 for 1.8 trillion rupiah. 

A deal could value the toll road assets at about $1 billion, the people said. 

CVC owns a 25% stake in Road King Expressway through Asia Belt and Road Expressway Co. 

Deliberations are ongoing and Road King and CVC could decide not to take any action, the people said. 

CVC declined to comment. Road King didn’t immediately respond to requests for comment.  

Road King said in November it was exiting the toll road business in China “to realise the value of its investment,” selling stakes in four expressways to Hong Kong-based Cornerstone Holdings Ltd. for 4.4 billion yuan ($608 million). The holdings ranged from 40% to 49%. 

The company has previously considered options for its toll road business, including a possible initial public offering for Road King Expressway in Hong Kong or Singapore, Bloomberg News reported in 2022. 

Road King’s shares have dropped 63% in Hong Kong in the past 12 months. 

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