By Yantoultra Ngui and Stefanno Sulaiman

SINGAPORE/JAKARTA, March 19 (Reuters) - A consortium led

by Metro Pacific Tollways Corp, the biggest toll road group in

the Philippines, is in advanced talks to buy a minority stake in

a unit of its Indonesian peer Jasa Marga, in a deal

that could fetch $750 million, two sources with knowledge of the

matter said.

Metro Pacific Tollways, in which Hong Kong's investment firm

First Pacific ( FPAFF ) has a 48.1% interest, is aiming to buy a

35% stake in Jasamarga Transjawa Tol, a unit of state-owned Jasa

Marga that manages the operation of the Trans Java Toll Road,

the sources said.

A deal could be struck in the second quarter of this year,

the sources added, declining to be named as the matter is

private.

Metro Pacific Tollways declined to comment.

Lisye Octaviana, Jasa Marga's corporate communications head,

said Jasamarga Transjawa's equity financing activities are

currently still ongoing.

"We targeted it will be completed in the first half of

2024," Lisye said, adding that the identities of the potential

investors cannot be disclosed due to confidentiality agreements.

"What we can emphasize is, we are looking for a credible

partner who is able to understand, appreciate and find long-term

investment value through the assets of PT Jasamarga Transjawa

Tol," Lisye added.

Metro Pacific Tollways is the biggest private sector toll

company in Southeast Asia with investments in Indonesia via

Nusantara Infrastructure and in Vietnam's CII Bridges

& Roads Investment, its website shows.

In the Philippines, its toll road portfolio includes the

North Luzon Expressway and the Subic-Clark-Tarlac Expressway,

among others, according to its website.

The company is part of Philippines-listed conglomerate Metro

Pacific Investments Corp ( MPCFF ), which in turn is majority

owned by First Pacific's ( FPAFF ) Metro Pacific Holdings, LSEG data

showed.

Jasa Marga, 70% owned by the Indonesian government, is the

first and largest toll road developer and operator in Indonesia,

according to its website.

Set up in 2017, Jasamarga Transjawa operates the

676-kilometre Trans Java Toll Road, in which Jasa Marga owns

56%, its website shows.