PJD Link seeks listing on Bursa via reverse takeover of Scomi Energy

PETALING JAYA: PJD Link (M) Sdn Bhd, the concessionaire of the proposed Petaling Jaya Dispersal Link is seeking a listing on Bursa Malaysia Securities via a reverse takeover (RTO) of Main-Market listed Scomi Energy Services Bhd.

PJD Link and its shareholders, namely PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd, have entered into a framework agreement (FA) with Scomi Energy for the proposed acquisition of PJD Link for an indicative price of RM922 million. The proposed acquisition is subject to approval of relevant parties and government agencies.

The indicative price is based on the equity portion of the project financing of the PJD Link Expressway.

In line with this development, PJD Link will commence public engagement sessions to provide information and receive feedback from this month. These sessions will cover briefing the elected representatives, local councils and residential groups affected by the PJD Link Expressway.

An environmental impact assessment, social impact assessment and traffic impact assessment with external professional consultants will also be conducted to assess and mitigate any issues that may arise from this project.

PJD Link CEO Amrish Hari Narayanan said it took note of the public’s concerns and issues raised and have studied various options on improving the alignment to minimise any negative social or environmental impacts.

“Workshops and focus group discussions will also be carried out by our social impact consultants in order to obtain public feedback. We look forward to working together with the public to develop an optimal solution that supports economic and social development needs over the long term.

“This project will play a crucial role in supporting the future economic growth plans of the Selangor state. By cutting down travel times, business productivity will improve, making Selangor an attractive location for investments.”

PJD Link Expressway is a 25.4km, two-lane dual-carriageway (four lanes) that will start after the NKVE Toll Plaza on Sprint Highway, Damansara and end at Bukit Jalil Highway Interchange. This key infrastructure project is aimed at improving traffic congestion and cater to future vehicle growth in the Greater Kuala Lumpur and Klang Valley area.

It will support Petaling Jaya’s future growth and developments of Section 13 and 19 industrial zones, Finas Land (Section 52), PJ Sentral (PJ City Centre), Section 51 industrial zone, Taman Medan and Bukit Jalil’s Technology Park.

Upon completion, PJD Link Expressway will play a significant role in dispersing traffic congestion as it provides major connections with six major highways which include New Klang Valley Expressway, Sprint highway, Federal Highway, New Pantai Expressway, Shah Alam Expressway and Bukit Jalil Highway.

PJD Link signed a concession agreement with the government of Malaysia on April 5, 2022.

“By being a listed company, we would be able to tap into the equity capital market to raise funding for the development and construction of PJD Link Expressway. In addition, the reporting of our performance in accordance with Bursa listing requirements will enhance the level of transparency and governance to the public,” said Amrish.

The parties are expected to enter into a definitive agreement for the proposed acquisition within 60 days.