Govt gets 4 offers to takeover PLUS, decision in weeks

Govt gets 4 offers to takeover PLUS, decision in weeks

The works ministry has confirmed that to date, the government has received four formal offers to take over highway operator PLUS Malaysia. Minister Baru Bian revealed that the bidders are Widad Group, Maju Holdings, RRJ Capital and businessman Tan Sri Halim Saad’s vehicle Karongsa Private Capital.

The works minister said that all the offers will be reviewed and presented to the cabinet for a decision to be reached within a few weeks from now, Bernama reported.

“At this stage we are making an evaluation of all the offers and as the ministry responsible for all toll highways throughout the country, we will make our preparations and advise the cabinet on what will be best for us,” he told reporters in Kuala Berang, Terengganu.

Baru said that although the works ministry has its own time frame to resolve the PLUS matter, it would be done as soon as possible as the issue is of great concern to the people, the national news agency quoted.

Govt gets 4 offers to takeover PLUS, decision in weeks

Here’s a recap. Currently, PLUS is controlled by the UEM Group – a subsidiary of Khazanah – and the Employees Provident Fund (EPF). The former holds a 51% share in PLUS, with the remaining 49% owned by EPF. While Khazanah, the country’s investment arm, said it has no plans to divest off PLUS, the government has shown willingness to consider private bids for the highway company, as stated by prime minister Tun Dr Mahathir Mohamad himself.

The relatively unknown Widad has offered to buy either a 51% stake or a 100% stake in PLUS. Widad’s offer is RM1.5 billion in cash for Khazanah’s stake, or RM3 billion cash for the whole thing. RRJ Capital – a Malaysian-led, Hong Kong-based private equity firm – has made a bid of RM3 billion cash to purchase PLUS outright, while Maju Holdings is the concessionaire for the MEX Highway. Businessmen Tan Sri Halim Saad and Datuk Wong Gian Kui have offered RM5.2 billion for PLUS, via Karongsa.

Finance minister Lim Guan Eng has said that companies who wish to acquire the PLUS must fulfil the minimum 18% average toll reduction that was announced in Budget 2020.

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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • MakanMakan on Oct 21, 2019 at 1:19 pm

    The manifesto promises toll free roads. Not 18% reductions. I tires of hearing political lies and broken promises. If i wanted that, I’ll stick with the old government. Stop giving out excuses, do what is promised.

    Raising fuel prises but wont reduce roadtax. Previously they claimed capacity based roadtax were because they subsidized the fuel. Now, fuel are longer subsidized why are the roadtax still high? To pay for highway maintenance? We know that’s another lie.

    Like or Dislike: Thumb up 14 Thumb down 3
    • Mereka semua pakat nak tipu lettew

      Like or Dislike: Thumb up 6 Thumb down 0
      • I.Samad on Oct 22, 2019 at 11:03 am

        tak baik memfitnah and menuduh tanpa bukti,

        Like or Dislike: Thumb up 3 Thumb down 1
        • Amran on Oct 22, 2019 at 5:14 pm

          Aik! Tapi mereka okeyje memfitnah & menuduh pak najib. Jangan pulak hipokrit!

          Like or Dislike: Thumb up 1 Thumb down 1
          • Amran on Oct 22, 2019 at 6:38 pm

            Kesian kann. He was completely shocked when somebody had deposited money into his account unexpectedly. Rezeki …

            Like or Dislike: Thumb up 3 Thumb down 0
  • lilytan on Oct 21, 2019 at 2:02 pm

    Open tender?

    Like or Dislike: Thumb up 1 Thumb down 0
    • mr1031 on Oct 22, 2019 at 10:22 am

      that is considered open tender..u can join and bring up your proposal if u have the money bro

      Like or Dislike: Thumb up 1 Thumb down 1
  • Avenger on Oct 21, 2019 at 2:42 pm

    According to this https://paultan.org/2019/10/14/government-considering-possibility-of-buying-plus/
    Government doesn’t seem to own PLUS so why is bidders making offers to Government for PLUS? Why need minister approval? Just make the best offer to PLUS and buy out the management. Or is there some more prawn behind the rock?

    Like or Dislike: Thumb up 13 Thumb down 0
    • Rzakcq on Oct 21, 2019 at 7:38 pm

      Part of NEP wealth distribution. so no problem ,

      Like or Dislike: Thumb up 4 Thumb down 5
      • s.Ibrahim on Oct 22, 2019 at 10:30 am

        Stuff the racist comment. This has nothing to do with NEP but pure Mahathir crony wealth distribution. He perverted the true intentions of Razak’s NEP.

        Like or Dislike: Thumb up 3 Thumb down 0
  • PDW7257 on Oct 21, 2019 at 4:28 pm

    Strategic assets of the country should not be sold off to any private enterprises. They should remain with our own GLCs.

    Like or Dislike: Thumb up 10 Thumb down 0
    • I guess you didn’t live thru Madey’s first reign where even public toilets were privatised.

      Like or Dislike: Thumb up 8 Thumb down 0
      • Sgt Scoop on Oct 21, 2019 at 9:51 pm

        And then Jibby sold off our Army kems.

        Like or Dislike: Thumb up 2 Thumb down 7
        • s.Ibrahim on Oct 22, 2019 at 10:33 am

          You didn’t know that he got the developer to make a much larger army & air force camps? That’s what happens when you only read and believe one side of the narrative. A proverbial katak dibawah tempurung.

          Like or Dislike: Thumb up 1 Thumb down 1
          • Spin Too Much on Oct 22, 2019 at 12:50 pm

            paksa jual rumah kat Ukay. Got a much larger banglo 10ekar kat Hutan Melintang. tepokk… Tutup2

            Like or Dislike: Thumb up 3 Thumb down 1
          • Eyesore on Oct 22, 2019 at 2:29 pm

            still worth it… U think 10 ekar tanah murah ka?

            Neway…It makes perfect sense to moved the army base… the location is no longer strategic and confidential…
            plus u get a much larger and modern base…

            Like or Dislike: Thumb up 1 Thumb down 0
  • Rizal on Oct 23, 2019 at 1:25 pm

    PLUS is like a gold mine, thats why everyone want it. Can feed the owner for the next 7 generation by simply goyang kaki. Eventhough they reduce the toll rate, but they extend the concession time, with the increase number of cars every year, PLUS will be fully utilize, more cars will be on the road, more money can be collected. Easy money collecting from the already suffering rakyat who are burden with so much thing to pay…

    Like or Dislike: Thumb up 0 Thumb down 0
 

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