RRJ Capital proposes RM3bil bid for PLUS

In a proposal sent to PLUS parent and sovereign wealth fund Khazanah Nasional Bhd, Richard Ong(pic), chairman of RRJ Capital, said the investment firm would cut toll rates by 20% across the board after a successful acquisition.

SINGAPORE: A consortium led by Asian private equity group RRJ Capital has proposed buying PLUS Malaysia Bhd, the country’s biggest expressway toll firm, for RM3bil, a document seen by Reuters showed.

In a proposal sent to PLUS parent and sovereign wealth fund Khazanah Nasional Bhd, Richard Ong, chairman of RRJ Capital, said the investment firm would cut toll rates by 20% across the board after a successful acquisition.

“RRJ is prepared to move quickly with our financial and technical advisers to begin negotiations and due diligence if our proposed offer is accepted, ” it said in the letter dated Sept 25.