KUALA LUMPUR (July 4): Lingkaran Trans Kota Holdings Bhd’s (Litrak Holdings) board has accepted the Minister of Finance Inc’s (MoF Inc) offer to buy out its two concessionaires.

“The board of directors of Litrak Holdings today (yesterday) deliberated on the proposed offers and unanimously found them to be fair and reasonable and as such, has resolved to accept the Litrak [Sdn Bhd] offer and to vote in favour of accepting the Sprint Holdings (Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd) offer,” Litrak said in a filing with Bursa Malaysia yesterday.

Litrak owns Lebuhraya Damansara-Puchong and 50% of Sprint Holdings, which owns Sprint, Kerinchi Link and Penchala Link highways.

Litrak Holdings’ 44% shareholder Gamuda Bhd also announced its board had accepted the government’s proposed acquisition of Kesas Sdn Bhd.

“The board of directors of Gamuda’s subsidiary, Kesas Holdings, today (yesterday) deliberated on the Kesas offer and unanimously found it fair and reasonable and as such, has resolved to accept the Kesas offer,” it said in a separate filing with the local bourse yesterday.

On June 21, Putrajaya offered to take over the four toll concessionaires owned by Gamuda and Litrak Holdings for RM4.5 billion in cash, excluding borrowings.

This article first appeared in The Edge Financial Daily, on July 4, 2019.

Click here for more property stories.

SHARE
RELATED POSTS
  1. Nanta: Toll-free travel on Thursday and Friday ahead of CNY
  2. Malaysia’s Covid-19 curve steepens again following spike in daily cases
  3. Covid-19: Malaysia logs 1,575 new daily infections, with three deaths