Guan Eng to meet Maju Holdings on PLUS takeover bid

Finance Minister Lim Guan Eng.

KUALA LUMPUR: Lim Guan Eng will meet Maju Holdings Sdn Bhd on the company’s offer to take over PLUS Malaysia Bhd, a move which the finance minister had opposed.

Lim said his reservations about the plan were due to opposition from Khazanah Nasional and the Employees Provident Fund (EPF), the main shareholders of PLUS.

“We receive many proposals from many parties. When we make a decision, it is based on the views given by the main shareholders,” he told reporters at the Parliament lobby.

PLUS operates the North-South Expressway as well as the New Klang Valley Expressway, Seremban-Port Dickson Highway, North-South Expressway Central Link, Malaysia-Singapore Second Link, Butterworth-Kulim Expressway and Penang Bridge.

The Edge recently reported that Maju Holdings had given four offers to the government, all subject to the government extending the company’s concession by another 30 years, from 2038 to 2068.

Maju Holdings has proposed a 25% reduction in toll rates to get a 10-year extension or a 30% toll reduction for a 15-year extension.

The Edge said the company wanted the government to maintain its guarantee on PLUS’ debt structure throughout the concession period and the extension.

The company also proposed spending RM5.3 billion over the concession period to light up the whole highway.