Government sovereign wealth fund Khazanah Nasional is ‘not in the mood’ to sell PLUS Malaysia, the country’s largest tolled highway operator, said PLUS managing director Datuk Shahril Ridza Ridzuan according to Bernama, adding that Khazanah retains its stand of not disposing its stake in PLUS.
“We are not in the mood of selling the asset and we actually haven’t got any kind of bidding process going on,” Shahril Ridza said, noting that he is on the same note as prime minister Tun Dr Mahathir Mohamad who felt that all offers so far were unattractive.
Widad Business Group revised its offer for PLUS with a new proposal to acquire 100% equity interest the company for RM5.3 billion, including a compensation waiver of RM3.04 billion and debt assumption of RM30 billion to bring the total enterprise value of the offer to RM38.34 billion, making this the highest offer from the private sector thus far, The Star reports.
Widad had proposed two mechanisms for toll rates in its revised offer, which comprises of either a 25% or 40% toll reduction via direct toll discounts, or an 18% toll reduction with the balance 7% to 22% to be channelled to the government for welfare or targeted groups.
The revised offer also includes the waiver of the RM11 billion sukuk guarantee by the government and a new option for the government to buy back PLUS after 10 years based on market valuation, Widad was reported by the daily as saying.
The latest development in the interest in PLUS follows the works ministry’s confirmation that the government has received four offers for the takeover of PLUS, having revealed that the bidders are Widad Group, Maju Holdings, RRJ Capital and Tan Sri Halim Saad’s vehicle Karongsa Private Capital.
“After some deliberation, we have come up with an upgraded offer that better reflects the bright prospects of this company, and a takeover plan that can help further reduce the financial burden of the Government as well as provide much needed savings and convenience to the rakyat when using our roads,” said Widad group executive chairman Tan Sri Muhammad Ikmal Opat Abdullah.
Widad also added that it would be implementing artificial intelligence technology for vehicle recognition and smart traffic planning, equipping first responders with new fundamental skills and equipment as well as upgrading facilities, the report said.
“Development of family friendly centres, shopping outlets, business centres and entertainment hubs along inter-city stopovers will be carried out to improve the current ecosystem of the expressways. To further develop value chain participants, WBG will introduce trickle-down economics to benefit larger participation of local contractors, suppliers and service providers,” Widad said.
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Widad Business Group should pay RM55.3B cash. Then abolished tol…
Development of family friendly centres, shopping outlets, business centres and entertainment hubs along inter-city stopovers and RnRs would earned Widad Business Group back RM 355.3 Billion in just 5 years time…
Actually in the beginning, 20 years ago, we did not need toll because we are a super rich country. Malaysia has the highest and most natural resources of any country.
Look at Singapore, no resources also, still can become first world and 3rd highest GDP Per Capita in the world.
So, why in the first place did we have toll?
Ask all the abang abang to return all the money they have stolen. That will come to a few trillion Ringgit.
Then we can have free tolls forever
The abang abang are the ones you have elected into Government now. You want to ask them return all the money they stolen? Go demo at Parliamen lah.
Stupid.
Even in rich countries highways have tolls. Australia have tolled roads, Canada have tolled roads, UK have tolled roads, even the US have tolled roads.
So please don’t talk bullshit here, can or not?
Not even Bill Gates will give away RM55Billion. Which benevolent billionaire will give away billions?
‘Pay It Forward’…life’s short, jgn laa berkira sgt.
PH Gomen is in a rock and hard place. Sell it and they will get the money they had been eyeing for a long time but if they do sell then their promise to abolish toll will go up in smoke. Well, they did admitted all their promises were just a lie after all. One more promise broken won’t make any difference to all the broken promises.
For a rich country in the first place, we did not need toll the past 30 years.
Too much of money disappeared and masuk pocket the past 30 years. IF we had a clean system, we all could have had free tolls.
IF only we still had a clean system. Too bad PH came and corrupted our clean system.
Only the Cabinet have changed. So, about 100 new faces. That is all. The 1.6 million lazy Government servants remain the same. They still like their easy life. So, expect more broken promises yea
The 1.6 million government servants didn’t make those promises. It was the 100 new faces that did. So it should be the 100 new faces that must honour the promises, not the 1.6 million servants. After all, they are just SERVANTS to the 100 new faces.
Since now board of directors are complacent enjoying fat bonuses annually therefore not in the mood to sell. How many high income earners would like to voluntarily get a pay cut?
We want 100% reduction, not 40%. Plus is under government, indirectly.
PLUS is the only company which profitable to khazanah..that’s why not in the mood lah…whateverlah…this one proven because their staff got 5 months bonus every year…
I think whats happening here is gomen wants to sell plus to get cash and also to benefit cr*nies. But khazanah of cos dont want to sell bcs that will just reduce their assets to a handful and plus is a golden goose. So now khazanah MD shahril who is a very bright guy trained in oxbridge no less, is saying no sale but his chairman wants to sell. So we see lah in some time how. But i hope shahril will not go anywhere.. he did a fantastic job with EPF that he left with usd200bil total assets to take over khazanah. We suffered enough brain drain ady due to political reasons.
Many high performing professionals have left. Soon he and many other remaining professionals groomed by Najib will leave thanks to political patronage if we don’t kick PH out before it’s too late. Tanjung Piai can be the barometer for our exasperation to this sh!t.