PETALING JAYA: Kumpulan Perangsang Selangor Bhd (KPS) has decided to accept the Minister of Finance (Incorporated)’s (MoF Inc) offer to acquire all the securities of toll highway concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint).
In a filing with Bursa Malaysia, KPS said its board of directors has deliberated on the offer and has resolved to vote in favour of accepting it.
Sprint is fully owned by Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings), which in turn is a 20% associate company of KPS.
“The board will make the appropriate announcements in due course after going through the relevant due process with Sprint Holdings,” KPS said.
To recap, MoF Inc offered to acquire four toll concessionaires with an enterprise value of RM6.2 billion.
The four toll highways are the Damansara-Puchong Highway (LDP), Sprint, Shah Alam Expressway (Kesas) and the Stormwater Management and Road Tunnel (Smart), with offer prices of RM2.47 billion, RM1.98 billion, RM1.38 billion and RM369 million, respectively.
If the acquisition process is successful, the government is expected to acquire the highway concessionaires via a special purpose vehicle (SPV) wholly owned by MOF Inc. The SPV will finance the RM6.2 billion by way of bond issuance.
Gamuda Bhd, which owns 43.6% in Lingkaran Trans Kota Sdn Bhd (Litrak), Kesas (70%), Sprint (51.8%) and Smart (50%), was the first to accept MoF Inc’s offer.
Source: The Sun Daily