PETALING JAYA: The government is offering to buy over four toll highway concessionaires in the Klang Valley for RM6.2 billion.
The concessionaires linked to Gamuda Bhd are Lingkaran Trans Kota Holdings Bhd (Litrak), which operates the Lebuhraya Damansara-Puchong, Kesas, Sprint highway and the SMART Tunnel.
The government, in February this year, had announced its intention to acquire the four highways, as part of its election promise.
Putrajaya has fixed the purchase consideration at RM6.2 billion (enterprise value), less any outstanding debts on completion of the deal.
“Accordingly, the purchase consideration for each expressway concession company per the offer letters is effectively the enterprise value, less indebtedness of the respective expressway concession company, as at completion,” said Gamuda in the filing with Bursa Malaysia.
It anticipates the purchase consideration for these expressway concession companies to be RM1.23 billion for Kesas, RM870 million for Sprint, RM2.34 billion for Litrak and RM60 million for SMART.
Similarly, in the Bursa filing, Lingkaran Trans Kota Holdings Bhd (Litrak Holdings) said the finance ministry also offered RM2.47 billion to buy all its securities from the Gamuda associate.
The ministry also offered RM369 million to acquire Syarikat Mengurus Air Banjir Dan Terowong Sdn Bhd (SMART) from Gamuda’s 50%-owned joint venture company, Projek SMART Holdings Sdn Bhd (SMART Holdings).
According to Gamuda, the offers remain valid until July 12.
“The Kesas offer, SPRINT offer, Litrak offer and SMART offer are subject to satisfactory due diligence findings, the approval of the Cabinet, the execution of a definitive agreement in respect of the offers and adherence to the terms of these offers,” Gamuda said, adding the offers will be undertaken by a special purpose vehicle, wholly-owned by MoF Inc, which will be identified later.