PETALING JAYA: Gamuda Bhd has denied that its proposal to have four tolled highways acquired by a highway trust involved an enterprise value of RM5.2 billion.
“The speculated enterprise value of RM5.2 billion for a highway trust proposal is incorrect,” Gamuda said in a stock exchange filing today.
However, Gamuda confirmed that its highway trust proposal to the government does entail the sale of its highway concession at fair market value, to an independent entity funded entirely by private debt capital markets.
It also affirmed that its proposal involves keeping the current toll rates unchanged with no further increases, with a short concession extension in order to fully recuse the government from paying any compensation for the entire proposal period.
“In our proposal, the government would have no stake nor interest in the buying entity, and therefore need not spend any of its own monies in the acquisition and further, need not provide any government guarantee.”
It was reported that Gamuda had put forward a proposal to the government to sell four of its highway concessions to a trust known as Amanah Lebuhraya Sdn Bhd.
Gamuda, directly and through 43.2%-owned Lingkaran Trans Kota Holdings Bhd, controls Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (Sprint), Lebuhraya Shah Alam (Kesas) and the Smart Tunnel.
