Halim Saad offers RM5.2 bln to acquire PLUS

by Theleaders-Online | October 17, 2019 3:34 am

PETALING JAYA: Prominent tycoon Tan Sri Halim Saad has made a lucrative bid to acquire the entire stake of Khazanah Nasional Berhad’s in PLUS Malaysia Berhad.

In a letter dated Oct 11, addressed to Works Minister Baru Bian, the former head honcho of Renong Group and fellow businessman Datuk Wong Gian Kui made an offer worth RM5.2 billion to acquire Khazanah’s 51% stake in PLUS.

“The new management will offer a 25% discount on toll rates. The concession period will remain the same, which will end in Dec 2038,” Halim was quoted as saying in the letter.

Last week, Widad Business Group offered to acquire PLUS by taking over the 51% stake owned by Khazanah for a RM1.5 billion cash consideration, or 100% of the concessionaires owned by Khazanah and the Employees Provident Fund (EPF) for RM3 billion.

Widad also promised to slash toll rates between 25% and 40%.

Malaysian-led Hong Kong-based private equity firm, RRJ Capital, had also made a bid worth RM3.5 billion to acquire the company.

Prime Minister Tun Dr Mahathir Mohamad had said the government would study any proposal to acquire PLUS, if it was feasible to the government.

The highways involved in the concessionaires of PLUS Expressways Bhd are PLUS Highway, Second Link Expressway, Penang Bridge, North South Expressway Central Link, Butterworth Kulim Expressway and Seremban-Port Dickson Highway.

Source URL: https://theleaders-online.com/halim-saad-offers-rm5-2-bln-to-acquire-plus/

---