KUALA LUMPUR: UEM Group Bhd and Employees Provident Fund (EPF), both major shareholders of PLUS Malaysia Bhd, are currently in the midst of reviewing the stake sale offer from Maju Holdings Sdn Bhd.
Both UEM and EPF in a joint statement yesterday said they have no intention of selling their respective stakes in the expressway until a review process on the bid is concluded.
UEM, which owns a 51 per cent stake in PLUS and EPF the remaining shares, received a non-binding letter of intent from Evercore Asia Ltd that represents highway operator Maju Holdings.
Maju Holdings had expressed its intention to 'fully acquire our stakes in PLUS'.
PLUS is one of UEM's long-standing core business and the group would continue to ensure its customers with good and beneficial services as well as safe highway infrastructure.
The expressway is also one of EPF’s core investments that fit into the retirement fund’s risk profile of benefiting its 14 million members.
Maju Holdings executive chairman Tan Sri Abu Sahid Mohamad had previously made his intentions to acquire PLUS public.
The acquisition plan is believed to cost about RM30 billion, involving both the stakes held by UEM and EPF.
UEM is also a wholly-owned subsidiary of Khazanah Nasional Bhd.
EPF chief executive officer Datuk Shahril Ridza Ridzuan had previously said the retirement fund had no particular reason for disposing the investment as PLUS business was still contributing substantially to EPF earnings.
He further said EPF was happy with PLUS as it was performing well and it is a big investment for them and Khazanah’s shareholders into expanding their investment network, especially due to the fact that it was a highway in the Klang Valley.