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No, we won’t sell PLUS stakes, say EPF and UEM

 | September 13, 2017

Maju Holdings sends letter of intent to UEM Group and EPF to buy up all their shares in Plus Malaysia Bhd.

uem-kwsp-plusKUALA LUMPUR: UEM Group Bhd and the Employees Provident Fund (EPF) do not intend to sell their stakes in highway operator PLUS Malaysia Bhd to Maju Holdings Sdn Bhd.

In a joint statement, they said they had received a non-binding letter of intent from Evercore Asia Ltd on behalf of Maju Holdings, which wants to acquire the entire equity stake in PLUS.

UEM Group has a 51% stake in PLUS, while the EPF holds the remaining 49%.

The Edge Financial Daily had yesterday quoted a Maju Holdings spokesman as saying it had submitted a formal bid via its financial advisers to UEM Group and the EPF. Maju Holdings is controlled by businessman Abu Sahid Mohamed.

The joint statement by UEM Group and the EPF said: “We are unable to comment further as we are in the midst of reviewing the letter of intent, and until we conclude the review process, our current stand remains that we have no intention of selling our respective stakes.”

UEM Group added that PLUS was one of its long-standing core businesses and that it would continue to ensure that PLUS provided its customers with good and beneficial services.

According to the Edge Financial Daily, the EPF said PLUS was one of its core investments and that it fitted well into the retirement fund’s risk profile.

PLUS has five concessions: Projek Lebuhraya Utara-Selatan Bhd which has under its umbrella the North-South Expressway, the New Klang Valley Expressway, Federal Highway Route 2 and Seremban-Port Dickson Highway; Expressway Lingkaran Tengah Sdn Bhd which includes the North-South Expressway Central Link; Linkedua (M) Bhd, which owns the Malaysia-Singapore Second Crossing; Konsortium Lebuhraya Butterworth-Kulim Sdn Bhd, also known as the Butterworth-Kulim Expressway; and Penang Bridge Sdn Bhd.


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