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Unsolicited bids for Malaysia's largest highway concessionaire

KUALA LUMPUR: Khazanah Nasional Bhd says there have been several unsolicited offers to take over PLUS Malaysia Bhd.

The country’s soveregin wealth fund said it was aware of it, although the parties concerned had not directly engaged with it.

Responding to reports linked to PLUS takeover bids, Khazanah said it had provided advice and viewpoints to the government.

“The government has been engaging the shareholders of PLUS with the objective of reducing the burden of tolls on highway users, relieving the government of compensation pressures, as well as respecting the value of the highway concession for existing debt and equity holders.

“Khazanah would like to emphasise again that throughout the entire engagement process, the government has been thoroughly professional and has upheld the appropriate governance in striving for the best resolution to the matter,” it added.

It was reported yesterday that PLUS shareholders want to have the final say in the sale of the highway concessionaire, should the government decide to let go of it.

Khazanah owns a 51 per cent stake in PLUS via UEM Group Bhd. The remainder is held by the Employees Provident Fund (EPF)

“Any decision on sale, from a governance point of view, needs to be done properly through the current owners of PLUS, that is Khazanah and the EPF. That part has never started,” said Khazanah managing director Datuk Shahril Ridza Ridzuan reportedly said at a forum on Monday.

He also pointed out that neither Khazanah nor the EPF had put PLUS up for sale.

PLUS operates eight expressways, including the 772km North-South Expressway, the Penang Bridge and the second Johor-Singapore crossing, under five concessions.

Shahril’s comments come ahead of a Cabinet meeting today that will see the government deciding on the proposed takeover of PLUS by private parties, as well as the government’s proposed takeover of four Gamuda Bhd-related highway concessionaires in the Klang Valley.

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