No mood to sell PLUS, says Khazanah MD

No mood to sell PLUS, says Khazanah MD

Shahril Ridza Ridzuan says there is no bidding process going on.

Khazanah Nasional Bhd managing director Shahril Ridza Ridzuan.
KUALA LUMPUR:
Government sovereign wealth fund Khazanah Nasional Bhd is not in the mood to sell PLUS Malaysia Bhd, the country’s biggest expressway toll firm, its managing director Shahril Ridza Ridzuan says.

He said Khazanah, which owns 51% of PLUS, maintained its stand against disposing of its stake in PLUS.

“We are not in the mood to sell the asset and we actually haven’t got any kind of bidding process going on,” he told reporters on the sidelines of Permodalan Nasional Bhd Corporate Summit 2019 here today.

Shahril said he agreed with Prime Minister Dr Mahathir Mohamad that none of the offers made so far was attractive.

“So I leave it at that,” he added.

News emerged today that Widad Business Group Sdn Bhd had upped its offer to acquire 100% equity interest in PLUS at a total enterprise value of RM38.34 billion.

This includes RM5.3 billion for the equity interest, RM3.04 billion compensation waiver and RM30 billion debt assumption.

Businessman Halim Saad, who partnered with Wong Gian Kui, has also offered to take over PLUS’ whole equity holding for RM5.2 billion.

Maju Holdings Sdn Bhd, the operator of Maju Expressway, has also submitted an offer to acquire PLUS at an enterprise value of RM34.9 billion including PLUS’s debt to its bondholders.

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