METRO Pacific Tollways Corp. (MPTC) is targeting to acquire a 35-percent stake in Jasamarga Transjawa Tol (JTI), a unit of Indonesian state-owned toll road operator Jasa Marga, by July or August this year.

"We are the preferred bidder, so we are in the process of negotiating with Jasamarga Transjawa Tol," MPTC Chief Finance Officer Chris Lizo said.

"Hopefully, we can close the negotiation in one month. If they awarded the contract by the end of May and hopefully close by July or August."

Lizo earlier said that the estimated value of the 35-percent stake was between $1 billion and $1.5 billion.

JTI is said to have the largest connected toll road network in Java, operating 13 toll sections which spans 676 kilometers.

MPTC has partnered with Singapore sovereign fund GIC for the acquisition.

Under the proposed partnership, MPTC's Indonesian subsidiary will acquire 20.3 percent while GIC will own 10.3 percent. MPTC-led PT Margautama Nusantara will get the remaining 4.2 percent.

GIC recently invested in MPTC's toll road unit in Indonesia, acquiring 33 percent.