SILK Holdings gets shareholders' nod to sell highway concession

KUALA LUMPUR: SILK Holdings Bhd shareholders have approved the proposed disposal of Sistem Lingkaran Lebuhraya Kajang Sdn Bhd (SILK) to Permodalan Nasional Bhd (PNB).

The shareholders voted in favour of the proposed disposal at an EGM today. SILK Holdings will sell its entire issued and paid-up share capital in SILK for RM380 million cash.

Speaking to reporters today, executive chairman Datuk Mohammed Azlan Hashim said the transaction is still in progress, pending approval from UKAS and completion of the due diligence exercise undertaken by PNB.

The parties have until end of April to complete the transaction.

Of the RM380 million proceeds, RM200 million will be used to strengthen its marine logistics business and future investments while RM70 million has been allocated for a special dividend of 10 sen per share.