PLUS won’t be sold, bids not attractive enough, says Tun M – concessionaire to get 20-yr extension to 2058

PLUS won’t be sold, bids not attractive enough, says Tun M – concessionaire to get 20-yr extension to 2058

Prime minister Tun Dr Mahathir Mohamed has confirmed that the government will not be selling PLUS, and says the decision to not do so is because none of the bids that have been made are attractive enough, The Star reports.

“We have studied all the bids made by the private sector, and also the bid by Khazanah Nasional. We decided that the best way is not to sell PLUS to anybody, but to keep it with Khazanah Nasional and Employees Provident Fund (EPF),” he said.

He added that PLUS will be given a 20-year extension of its toll concession to 2058, but the planned 18% reduction in the toll rate – as determined during Budget 2020 – would be implemented, and the concessionaire would not be making that much despite the two decade extension.

“They have to reduce the toll rate by 18%, but remember, 18% is set at today’s rate. That means, in 20 years’ time, the 18% when compared with the ringgit rate then will not be very high. Traffic will increase, but the value and purchasing power of the ringgit will go down, so what they earn afterwards (in 20 years) is not as big as people think they are going to get. This is because we are looking at it at the present rate, and it will be a flat rate minus 18%,” he said.

PLUS won’t be sold, bids not attractive enough, says Tun M – concessionaire to get 20-yr extension to 2058

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

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.

There was no mention of the proposed takeover of four Klang Valley highways operated by Gamuda. Earlier, it was reported that the government had not made a decision yet on the matter. The highways operated by Gamuda are the Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (Sprint), Lebuhraya Shah Alam (Kesas) and the Smart Tunnel.

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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

  • MeToo on Jan 16, 2020 at 5:33 pm

    So thats another extra 20 yrs of toll collection?

    THANK YOU DR M!

    Like or Dislike: Thumb up 28 Thumb down 3
    • Rakyat Malaysia on Jan 16, 2020 at 7:43 pm

      YESS THANK YOU DR M!

      EPF owned PLUS , super High dividen to us!

      Like or Dislike: Thumb up 10 Thumb down 0
      • Meanwhile EPF interest will be no higher than 4.5% as per economist forecast. Not like I care, I already untung much from my projects. wahahaha!

        Like or Dislike: Thumb up 6 Thumb down 3
      • Rakyat Malaysia on Jan 17, 2020 at 4:28 pm

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

        Like or Dislike: Thumb up 3 Thumb down 0
  • Another toll extension on Jan 16, 2020 at 5:42 pm

    Thank God..the G still have brain..didnt sell PLUS.but they PLUS another 20y of concession..well done!!!

    Like or Dislike: Thumb up 15 Thumb down 1
  • Angry Voters on Jan 16, 2020 at 6:37 pm

    PH talked a lot about reducing burden on the rakyat by abolishing tolls during campaigning. In reality, not only has the PH Government failed to keep its promise but the burden which was previously shared between motorists and the Government has now shifted solely to the motorists. Additionally, the increase in the concession by 20 years is going to shift the burden from the current generation well into the next generation. PH is going to burden our children by saddling their future with this debt.

    Should we allow PH to make our future generations continue to suffer? I. SAY. NO!!! NO. MORE. PH!!! TOLAK. PH. OUT. NOW!!!

    Like or Dislike: Thumb up 35 Thumb down 6
  • seancorr (Member) on Jan 16, 2020 at 7:15 pm

    Come on man what’s taking them so long to take over Gamuda’s highways? LDP and Kesas can’t be called highways since it’s always jam so why are we even paying toll for?

    Like or Dislike: Thumb up 16 Thumb down 0
    • Typical Malaysian on Jan 17, 2020 at 11:33 am

      Come on man, highways always jam becuz cars here damn cheap. Petrol cheapest, i happy retired in Kuala kubu baru. Syukur la wahai marhen.

      Like or Dislike: Thumb up 5 Thumb down 6
  • redpilled on Jan 16, 2020 at 7:26 pm

    Tu dia…. Asal janji abolish, skrg dah extend 2 decade…. Mcm lagu KRU “janji tinggal janji”…

    Like or Dislike: Thumb up 13 Thumb down 0
  • Gabriel on Jan 16, 2020 at 9:11 pm

    Where is Tony Pua, the smart guy from DAP with the no toll formula? Busy with cronies is it?

    Like or Dislike: Thumb up 32 Thumb down 1
  • msia driver on Jan 16, 2020 at 11:13 pm

    gov should pakat with foreign country like China to invest a new highway, just build it beside PLUS and reduce 50% toll fees lower than current PLUS one..

    Like or Dislike: Thumb up 4 Thumb down 1
  • Ben Yap on Jan 17, 2020 at 2:10 am

    our parents pay toll, we pay toll and now our children needs to pay toll. the extension has affected 3 generations.

    Like or Dislike: Thumb up 9 Thumb down 0
  • Bugatti Owner on Jan 17, 2020 at 8:54 am

    Where is Rafizi when we need him the most. Besides Tony Pua, he sure has formula to settle all problems in this world.

    Like or Dislike: Thumb up 6 Thumb down 0
  • Mahafiraoun on Jan 17, 2020 at 9:25 am

    Behold!! all peasants!! This is my grant to all of you. Be grateful, that PLUS is not sold. You have been given RM30 as gula-gula, so use it wisely on my tolls muahahhahaa!!

    Like or Dislike: Thumb up 5 Thumb down 0
  • Yeahh.. Kena kencing lagi

    Like or Dislike: Thumb up 4 Thumb down 0
  • vivizurianti on Jan 17, 2020 at 11:35 am

    “…bid not attractive enough?”….or was it “cronies not getting enough? hehe

    Like or Dislike: Thumb up 4 Thumb down 0
 

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