Cabinet has decided PLUS will not be sold – report

Cabinet has decided PLUS will not be sold – report

The government has apparently decided that PLUS Malaysia will not be sold and will remain under the control of current shareholders Khazanah Nasional and the Employees Provident Fund (EPF), The Edge Markets reports, citing inside sources.

The sources told the publication that the highway concession agreement with PLUS will however be restructured with an aim to reduce toll rates for the benefit of the people. It was previously reported that motorists would stand to enjoy up to 18% discount in toll rates on the NSE following a takeover, as announced during Budget 2020.

The Cabinet had discussed the topic of PLUS on Wednesday, as confirmed by finance minister Lim Guan Eng. He however stated that any announcement on the matter by the government would be in writing, as it was a major announcement.

The country’s sovereign wealth fund Khazanah, via UEM Group, owns 51% of PLUS, with EPF holding the remaining 49%. Highways operated by PLUS are the North-South Expressway (NSE), Second Link Expressway, Penang Bridge, North-South Expressway Central Link, Butterworth-Kulim Expressway and Seremban-Port Dickson Highway.

Cabinet has decided PLUS will not be sold – report

Yesterday, Khazanah said via a statement that the government has been engaging the shareholders of PLUS with the objective of reducing the burden of tolls on highway users, relieving the government of compensation pressures, as well as respecting the value of the highway concession for existing debt and equity holders.

The souces added that the government had not made a decision yet on the proposed takeover of four Klang Valley highways operated by Gamuda. The highways are the Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (Sprint), Lebuhraya Shah Alam (Kesas) and the Smart Tunnel.

In December, Lim had said that the Cabinet would make a decision on the proposed takeover of PLUS as well as the Gamuda-operated highways sometime in January, as it needed to decide on the matter quickly to avoid paying further compensation to the concessionaires over frozen toll hikes.

The government received four offers last year for the takeover of PLUS, these being from Widad Group, Maju Holdings, RRJ Capital and Tan Sri Halim Saad’s vehicle Karongsa Private Capital.

Looking to sell your car? Sell it with Carro.

10% discount when you renew your car insurance

Compare prices between different insurer providers and use the promo code 'PAULTAN10' when you make your payment to save the most on your car insurance renewal compared to other competing services.

Car Insurance

Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • Rakyat Malaysia on Jan 16, 2020 at 11:03 am

    Syabas PH gomen! Khazanah & EPF milik Rakyat!

    Like or Dislike: Thumb up 10 Thumb down 5
    • Anonymous on Jan 16, 2020 at 4:39 pm

      DUHHHH… PLUS was originally planned to be built with the Govt’s money… it was meant to be FREE…! It was PM4 who sold it to consseionaires to collect tol from the rakyat…!

      BN Govt under DSNajib bought over PLUS via Khazanah and KWSP so that toll can be kept in check and did not increase for the benefit of the rakyat.

      It seems that PLUS will stay status quo NOW.
      Oooopss no..! PM7 can reduce toll prices because he has now further extended consessions so now it becomes Toll Forever…!

      Like or Dislike: Thumb up 9 Thumb down 0
    • Rakyat Malaysia on Jan 17, 2020 at 4:27 pm

      Forgot to mention. Ya thank you very much Ahjibkor. We love you!

      Like or Dislike: Thumb up 1 Thumb down 0
  • Amran on Jan 16, 2020 at 11:11 am

    Osem amazing news for Malaysia … Got my RM30 E-tunai Rakyat and now this Plus kita punya!

    Like or Dislike: Thumb up 9 Thumb down 5
    • Anonymous on Jan 16, 2020 at 4:46 pm

      NOW PLUS kita punya…? DUHHHHHH… DSN was the one who bought over PLUS shares via Khazanah and KWSP… that is why u don’t get toll hike the past 9 years..!

      Historically… PLUS first mooted was to be built with Govt’ money. It was meant to be FREE…! BUT TunM as PM4 SOLD it to private sector to finance it and collect toll from the rakyat. Every year there was a toll hike. THAT was TunM’s doing..!

      This was one of TunM’s legacy problems that DSNajib help solved for the benefit of the rakyat. Wake up and smell the truth…!

      Like or Dislike: Thumb up 7 Thumb down 0
  • dodgeviper88 on Jan 16, 2020 at 11:22 am

    From removing tolls to be about government buying over the highways. I don’t care who it belongs, just get rid of the tolls as promised. It’s all about the political will to execute your promises.

    Like or Dislike: Thumb up 19 Thumb down 0
    • Removing tolls?? Sembang lmao…
      You gonna bailout and hutang Lth, Ltat, 1Mdb …

      Like or Dislike: Thumb up 7 Thumb down 3
  • vivizurianti on Jan 16, 2020 at 12:22 pm

    See? U-turn again.
    More to come for sure.

    Like or Dislike: Thumb up 8 Thumb down 3
  • MeiLi on Jan 16, 2020 at 1:31 pm

    Good, now remain own by EPF & Khazanah (takjadi jual pada cronies). Hopefully no u-turn (read WrongTun). Anyway, LGE is the worst MoF in the history of Bolehland.

    Like or Dislike: Thumb up 11 Thumb down 3
 

Add a comment

required

required