New suitors have surfaced for highway concessionaire PLUS Malaysia Berhad, now with Tan Sri Halim Saad and Datuk Wong Gian Kui the latest in line with an offer for RM5.2 billion, The Star reports.

Halim had previously made a bid for PLUS, in which he wrote to works minister Baru Bian via Karongsa Private Capital Sdn Bhd to propose the setting up of a highway trust company for the takeover of all tolled roads in Malaysia, the daily reported.

“I intend to undertake this offer with Wong, a prominent businessman, who currently sits on the board of Insas Bhd, Inari Amertron Bhd, Ho Hup Construction Co Bhd, SYF Resources Bhd and Yi-Lai Bhd,” Halim wrote in a letter dated October 11 sighted by StarBiz. Addressed to the works minister, both Halim and Wong said the offer was to buy the entire equity stake of PMB, or 51% of the equity held by Khazanah Nasional Bhd, according to the report.

The RM5.2 billion offer appeared to be for the 100% stake in the highway concessionaire, and the post-takeover PLUS will offer a 25% discount on toll rates with the concession period remaining as before, to end in December 2038, said Halim.

Halim and Wong, via Karongsa Private Capital will be the fifth interested party for the takover of PLUS, The Star reported, following a RM3 billion cash offer from Widad Business Group Sdn Bhd for the purchase of equity portions of UEM and the Employees Provident Fund (EPF).

It was during Halim’s tenure as head of UEM Group and Renong Group when the company secured a RM3.4 billion contract to build PLUS, The Star reported, and Halim now returns in a new capacity in his latest bid for the highway concessionaire.

The Malaysian government is also considering the possibility of taking over PLUS itself, though it is also open to all proposals from the private sector, finance minister Lim Guan Eng said earlier this week. Meanwhile, Maju Holdings also offered a revised proposal for its bid to acquire PLUS at an enterprise value of RM34.9 billion, which includes debt outstanding to bond holders, as well as an offer to reduce tolls by 25% to 36%.

Earlier this month, a RM3 billion offer came from Malaysian-led, Hong Kong-based RRJ Capital for the acquisition of PLUS, though this was also followed shortly thereafter by a response from Khazanah Nasional stating that it has no plans to sell PLUS, and that all offers from local and foreign entities had been rejected.