He said the offer by the bidder must take into consideration the capacity and how it would generate funds to pay for the takeover cost.
Maju Holdings Sdn Bhd had announced a RM36 billion bid to take over PLUS from its present owners, UEM Group and the Employees Provident Fund (EPF).
Along with the bid, Maju Holdings had said it would not hike toll charges for 20 years.
Khazanah Nasional Bhd-owned UEM controls 51% of the highway concessionaire while EPF owns the remaining 49%.
“We welcome all proposals, but they must be practical so as to avoid the fate suffered by Perwaja. The steel company was privatised, only to be closed down later.
“It ceased operations and we were faced with many problems at that time,” he said.
“As for the source of financing, we want to know where the funding (for the takeover) is originating from. If possible, they must be transparent and divulge this information to UEM Group Bhd and the government, so we are aware as to the source of funding,” he told a press conference after launching UEM’s medical campaign here today.
Johari stressed that the takeover offer could not be viewed solely from the point of the company’s undertaking that it would not raise toll charges for 20 years and it would observe a low cost of maintenance.
“As for toll hike, literally, I don’t see any concession company abstaining from requesting to increase toll.
“I suggested earlier that they write in to the government saying that they do not want to increase toll charges at all tolled highways that they controlled. As of today, (I see that) all toll operators have raised toll charges, so I want to know why (they committed to maintain the rate),” Johari said.
Meanwhile, UEM group managing director and group chief executive officer Izzaddin Idris reiterated that the group had no plans to “let go” of PLUS to any party until the expiry of the concession period on Dec 31, 2038.
“The question of selling to any other party has never come up. For us, PLUS is the nation’s strategic asset,” he said.
On accusations that PLUS incurred very high maintenance costs, Izzaddin said all work carried out met conditions stipulated and standards determined by the Malaysian Highway Authority (MHA).
As to why PLUS was not unlocking the potential of the real estate along the length and breadth of the North-South Expressway, he said the concession only allowed land to be developed for the convenience of highway users.
“This means PLUS cannot develop projects like condominiums and others. We have to abide by what has been stipulated by MHA,” he explained.