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.
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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So thats another extra 20 yrs of toll collection?
THANK YOU DR M!
YESS THANK YOU DR M!
EPF owned PLUS , super High dividen to us!
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!
Forgot to mention. Ya thank you very much Ahjibkor. We love you!
Thank God..the G still have brain..didnt sell PLUS.but they PLUS another 20y of concession..well done!!!
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!!!
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?
Come on man, highways always jam becuz cars here damn cheap. Petrol cheapest, i happy retired in Kuala kubu baru. Syukur la wahai marhen.
Tu dia…. Asal janji abolish, skrg dah extend 2 decade…. Mcm lagu KRU “janji tinggal janji”…
Where is Tony Pua, the smart guy from DAP with the no toll formula? Busy with cronies is it?
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..
our parents pay toll, we pay toll and now our children needs to pay toll. the extension has affected 3 generations.
Where is Rafizi when we need him the most. Besides Tony Pua, he sure has formula to settle all problems in this world.
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!!
Yeahh.. Kena kencing lagi
“…bid not attractive enough?”….or was it “cronies not getting enough? hehe