PETALING JAYA: Gamuda Bhd has decided to approve the takeover offer by the government to acquire its stake in four toll highways.
“The board of directors of Gamuda (save for Tan Sri Ambrin Buang and Nazli Mohd Khir Johari had today deliberated on the proposed offers and has resolved to vote in favour of accepting the proposed offers at the respective concession holding companies,” the group said in a filing with the stock exchange today.
Gamuda said it will make the appropriate announcements in due course after going through the relevant due process with its respective associate companies and joint venture company.
Last week, the Ministry of Finance (MoF) offered to acquire four toll concessionaires with an enterprise value of RM6.2 billion.
The four toll highways are the Damansara-Puchong Highway (LDP), Sistem Penyuraian Trafik KL Barat (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.
Gamuda owns 43.6% in Lingkaran Trans Kota Sdn Bhd (Litrak), Kesas (70%), Sprint (51.8%) and Smart (50%).
MoF will finance the takeover by way of bond issuance.
