Finance minister Lim Guan Eng says that the cabinet decision on the proposed takeover of PLUS as well as four highways operated by Gamuda will likely be made by next week. He said that the government must decide on the matter quickly to avoid paying further compensation to the concessionaires over frozen toll hikes.
As reported by the New Straits Times and The Sun, Lim said the decision would have to benefit all parties, including the rakyat. “Any decision on the highways must ensure a ‘triple-win’ – for the government, the company’s owners and the public,” he said.
He added that the ministry, works ministry and economics affairs ministry, along with Khazanah and EPF, had put forward a proposal to the cabinet to ensure Khazanah and EPF get value from any takeover. “We feel we have to support our national trust and sovereign funds also because it involves contributions of millions of Malaysian workers,” he said.
Highways operated by PLUS, which is owned by Khazanah (51%) and the EPF (49%), are the North-South Expressway (NSE), Second Link Expressway, Penang Bridge, North-South Expressway Central Link, Butterworth-Kulim Expressway and Seremban-Port Dickson Highway.
Lim added that motorists stand to enjoy up to 18% discount in toll rates on the NSE if the government agrees to the takeover of PLUS, reiterating that which was announced in Budget 2020. The government had then said that companies wishing to acquire PLUS must fulfil two conditions before they can proceed, the first being to fulfil the minimum 18% average toll reduction, and the second, to make sure that it is fiscally positive.
There has been no shortage of bidders for PLUS, despite Khazanah having previously stated that it had no intention of selling the business. The government has received four offers for the takeover of PLUS from Widad Group, Maju Holdings, RRJ Capital and Tan Sri Halim Saad’s vehicle Karongsa Private Capital, which is reportedly leading the race to acquire PLUS.
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What logic is this? One hand sell PLUS, on the other hand buy 4 tolled highways, at your convenience?
PLUS is the golden goose. No surprise so many interested. Its easy money for cronies. Khazanah and EPF are being stripped of their valuable assets. Expect lower dividend for gov coffer and the people. Dejavu cronism ala 80s and 90s.
Tol kekal, complain. Cheaper tol oso komplen…
Problem in Malaysia, we have pampered the people too much. Especially the 1.6 million Government Servants in Putrajaya. These people are so used to subsidi, bantuan kerajaan, discounts for everything, even buy house also they demand for 8% discounts.
In other countries, people work hard and save their money. They even save for education for their children. They don’t expect bantuan and subsidi kerajaan all the time, especially demanding biasiswas for education.
Time we change our attitude. Only then, our country can really progress like Singapore.
Both countries Merdeka same time but Singapore is now first world and No 1 most competitive country in the world with the 3rd highest GDP per capita in the world.
Time for us to change
Yes, one country the middle income earner said to be earning 3X more but still cannot afford to retire while another country even the lower income group can retire comfortably back in their kampungs. The answer is very clear which is better.
Pharaoh at the helm. No surprises.
Chill bruh … Let’s See who the buyer first
Lets see who got the billions. Oh wait, there is so few billionaire cronies … except for 1 sugar king daddy that was funding PH.
We must learn to live within our means, only then, we will be able to afford everything and don’t need subsidi. What is the use when you work as a kerani and have an expensive lifestyle with many wives and 10 kids?
Of course you cannot afford things. Then you blame the Government for not giving subsidi and bantuan
Syukur tol turun lagi. Kerajaan Prihatin ❤ yahoooo
As above
Actually, Malaysians must learn how to live within their means. The problem with Malaysians, they will buy luxury cars to show off to Opah when they balik kampung when in actual fact, they really cannot afford it.
This is why, they find prices of oil and toll are very expensive cause they are maintaining a lifestyle they really cannot afford
Luxury cars are BMW, mesilis and alike. No doubt too many in kampung when holiday
Contradict.
PLUS owned by Khazanah and EPF inturn owned by GOVERNMENT. selling them TO PRIVATE? this is a cash cow.
BUY BACK 4 highway from private which losing money?
where is the logic? i cannot see, anyone can explain to me ?
i think gov concern is to reduce maintenance cost on PLUS and make more profit..buy 4 highways which most people use every day rather than plus which profitable on festive seasons only..let khazanah & epf take the share from 4 hgways and private manage the PLUS..don’t know which is better, just my opinion..just expect toll hike if this happens..you know private owned right..keep demand for hike every time.
Sell off dan reduced hutang. Company tax bayar kat gahmen, tol murah bagi rakyat. win-win
Lets see here. PLUS highway had always been a cash cow for KWSP, so this tells us it is not in a bad situation. Then again, this government had promised to abolish tolls. I’m all for PLUS to be sold then on the next day the government abolished all tolls effectively but who then would be foolish enough to lose billions RM if they did that?
We are going back to era of Mahathir cronyism but this time 22 years of corruption squeezed into 22 months. What can we do, we voted for them. We can only hope to change it back bit by bit with each by-election and another such is coming up.
I dont think abolishing tolls at highways is going to solve any problems, in my opinion, i don’t mind the current toll rates BUT please smoothen the process of payments, reloading, hassle-free & flexible payment options, now that would make me happy already. Yes i’m looking at you Touch & Go.
Can reload 7-11, 99spedmart, ATM, jaya grocer.
There goes my EPF dividend…
build another highway beside current PLUS highway, why so much money to buy over where you can build a new one???lolzzz
Car price is absurdly high, tolls are everywhere, petrol price will be floated, oil and spare parts expensive, forex is bad…. cost of car ownership is certainly trippled for the last many years.
Do you really and seriously think there will be a “real” 18% reduction of tol??
Surely somewhere, the PH govt will jack up the tax collection to balance the figure. Left pocket goes out, right pocket goes in. Smell cronies anyone?
Surely again, the rakyat will be taken for a ride.
“no shortage of bidders”
Easy to see why. Big L for govt and us in long term.
Pay less toll, but extend its concession period most likely outcome.
So much with the stupid LimGuanEng. What a shame he bring, tarnishing the image of our people. And Mahathir, he is #NotMyPM.
The return of the cronies, part 2.
All drooling at the cash cow, dead cows sell back to govt, good business ahh!
PH is finished guys