That’s one of the significant details divulged by sources familiar with the offer by Maju, a company that is controlled by businessman Abu Sahid Mohamed.
Maju has also confirmed that it sent a letter of intent to UEM Group Bhd and the Employees Provident Fund (EPF), the two main shareholders of PLUS with 51% and 49%, respectively.
“Yes, Maju can confirm that we have submitted a formal bid via our financial advisers to UEM and EPF, to acquire 100% of PLUS and its subsidiaries,” a Maju spokesman told the business publication.
Though the highway operator’s main shareholders have not confirmed the offer from Maju, PLUS chairman Mohd Sheriff Mohd Kassim has revealed that his office received a copy of the offer.
“Yes, I got a copy (of the offer),” Sheriff was quoted as saying.
According to The Edge, Maju’s indicative offer implies a total enterprise value in excess of RM36 billion for PLUS.
Aside from the freeze on any toll increases until the end of the concession period for the various tolled highways, Maju is said to be willing to forego the compensation amounting to about RM900 million from the government due to toll hikes not implemented.
According to its website, PLUS has five concessionaires. The first is Projek Lebuhraya Utara-Selatan Bhd which operates the North-South Expressway, New Klang Valley Expressway (NKVE), Federal Highway Route 2 and Seremban-Port Dickson Highway.
The other four concessionaires are Expressway Lingkaran Tengah Sdn Bhd (which operates the North-South Expressway Central Link), Linkedua (M) Bhd (Malaysia-Singapore Second Link), Konsortium Lebuhraya Butterworth-Kulim Sdn Bhd (Butterworth-Kulim Expressway) and the Penang Bridge.
All PLUS Malaysia’s concessions end in December 2038.
It was reported in July that Abu Sahid had received the blessings at the highest levels of the government to make his move to take over PLUS.
“I am very confident of pulling the acquisition off. I have everything ready.
“I have the money, I have the blessings of the highest levels in the country. I have the advisers and bankers all ready, and I have the formula to do it,” he had told The Edge.