PETALING JAYA: Kumpulan Perangsang Selangor Bhd said its 20% associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd has received a letter of offer from the Ministry of Finance (Incorporated) (MOF) to acquire all securities in Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) for RM1.98 billion.
This includes ordinary shares, preference shares and loan stocks in Sprint.
The offer, which will be undertaken by MOF’s wholly owned special purpose company, is conditional upon satisfactory due diligence findings, approvals from the Cabinet of Malaysia and other relevant parties including authorities and shareholders.
The offer will remain open for acceptance until 5pm on July 12.
“The proposed acquisition of Sprint by MOF is undoubtedly a positive corporate development for Perangsang Selangor. Monetising the non-core asset will position us a step closer to moving in the intended direction and ensuring the strategic business alignment at the group level. This will further streamline our effort in growing the core businesses, allowing us to focus on a tighter scope of activities, consistent with our business aspiration and future business direction,” said Perangsang Selangor managing director and CEO Ahmad Fariz Hassan.
