Maju Holdings

Maju Holdings

Postby winston » Tue Aug 27, 2019 11:11 am

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Maju Holdings' proposal to take over Plus 'appears attractive', says Baru Bian

by Adam Aziz

KUALA LUMPUR (Aug 26): The offer by Maju Holdings Sdn Bhd to take over highway concessionaire PLUS Malaysia Bhd "appears attractive" as it involves a significant reduction of toll rates, says Works Minister Baru Bian.

In a statement today, Baru confirmed that the ministry has received Maju Holdings' proposal, and is still in the process of evaluating its merits and feasibility.

"The proposed offer, which involves a significant reduction in toll rates, appears attractive," said the minister, without elaborating in details.

He, however, reiterated an earlier statement by Prime Minister Tun Dr Mahathir Mohamad that the government has yet to make a decision on the proposal "or any other proposals concerning takeover of any tolled highways".

"It should be noted that the ministry will be tabling in Cabinet 'The Way Forward for Toll Roads in Malaysia' early next month, which will be based on the final report prepared by an independent consultant in January 2019.

"Only after a Cabinet decision is made would the government be able to seriously consider all proposals on the taking over of tolled highways in the country, including the Maju Holdings-PLUS offer," he said.

In July, Maju Holdings, controlled by businessman Tan Sri Abu Sahid Mohamed, is said to have made a fresh proposal to take over PLUS — it first made an offer in 2017 — by forking out RM3.5 billion and assuming the concessionaire's debts of about RM30 billion.

The renewed offer entails a discount of existing toll rates by 25% to 36%, depending on the extension of the concession period.

Plus has five concessions which oversee six highways and two crossings, including the North-South Expressway, the Penang bridge and the second Malaysia-Singapore crossing.

Source: The Edge

https://www.theedgemarkets.com/article/ ... -baru-bian
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