Works Minister Datuk Fadillah Yusof said the restructuring would involve amendments to the existing concession agreement in order to make it more favourable to the public.
KUALA LUMPUR: PLUS Malaysia Bhd's two main shareholders have no plans to sell their stakes in the tolled expressway operator to Maju Holdings Sdn Bhd.
UEM Group Bhd, which owns 51% stake in PLUS and the Employees Provident Fund (49% stake) said in a joint statement on Tuesday they had received a non-binding letter of intent from Evercore Asia Ltd, on behalf of Maju Holdings.
They said Maju Holdings – which is controlled by Tan Sri Abu Sahid Mohamad -- had expressed its intention to “fully acquire our stakes in PLUS”.
“We are unable to comment further as we are in the midst of reviewing the letter of intent, and until we conclude the review process, our current stand remains that we have no intention of selling our respective stakes,” they said in the joint statement.
PLUS is a member of the UEM Group's long-standing core business and it will continue to ensure that PLUS provide its customers with good and beneficial services as well as safe highway infrastructure.
UEM Group is a wholly-owned subsidiary of Khazanah Nasional Bhd
The EPF said that PLUS is one of its core investments that fits well into the retirement fund’s risk profile benefiting its 14 million members.
On Aug 9, 2017, EPF chief executive officer Datuk Shahril Ridza Ridzuan said there was no plan to dispose of its 49% stake PLUS , as the investment in the company was reaping good returns for the pension fund.
He was quoted saying the fund and UEM Group Bhd had invested substantially in expanding its network, especially in the Klang Valley.
Shahril was then commenting on corporate player’s declared intention to take over PLUS Malaysia via his flagship Maju Holdings Sdn Bhd.
According to media reports, Abu Sahid was quoted as saying he was very confident of pulling off the deal, which may cost RM30bil or more, as he had “everything ready”.
In June 2014, the government rejected Tan Sri Halim Saad's offer to take over expressway owner and operator PLUS Bhd.
The then Minister in the Prime Minister's Department Datuk Seri Wahid Omar said the government had studied Halim's proposal and concluded the assumption and information put forward were not correct.
To recap, in March 2014, Halim had put in an unsolicited bid to take over PLUS Malaysia Bhd, the largest toll concessionaire in the country that is currently owned by UEM Group Bhd and the EPF.
StarBiz had reported then the former Renong Bhd executive chairman, had through his private investment vehicle Idaman Saga Sdn Bhd, planned to maintain the toll rates at current levels if he takes over PLUS.
Halim had also proposed to maintain the rates until the concessions end in 2038.
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