PETALING JAYA: The cut-off date for the takeover of four toll con-cessionaires has been extended again for another two months.
MOF Inc and concession holding companies Kesas Holdings Bhd, Litrak Holdings, Sprint Holdings and Smart Holdings have mutually agreed to extend the cut-off date to negotiate and finalise the terms of the definitive agreement from Oct 31, 2019 to Dec 31, 2019 in relation to the government’s acquisition of high-ways.
This is the second time the negotiations have been extended.
In June, the Ministry of Finance (MoF) offered to acquire four toll concessionaires with an enterprise value of RM6.2 billion.
The four toll highways are the Damansara-Puchong Highway, Sistem Penyuraian Trafik KL Barat (Sprint), Shah Alam Expressway (Kesas) and the Stormwater Management and Road Tunnel (Smart), with offer prices of RM2.47 billion, RM1.98 billion, RM1.38 billion and RM369 million, respectively.
Gamuda Bhd owns 43.6% in Lingkaran Trans Kota Sdn Bhd (Litrak), Kesas (70%), Sprint (51.8%) and Smart (50%).
The long stop date to satisfy the conditions precedent will also be extended from Nov 29, 2019 to Feb 29, 2020; and the date of completion will be extended from Dec 31, 2019 to a date no later than March 31, 2020.
source https://www.thesundaily.my/business/cut-off-date-for-highway-deals-extended-again-EB1560305
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