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KUALA LUMPUR (Nov 1): The details of the proposed acquisition of four Gamuda Bhd toll concessionaires, which were supposed to be finalised yesterday between the company and the government, has been extended for another two months, with the latest completion date set no later than March 31 next year, according to the company.
On behalf of Gamuda’s board of directors, Hong Leong Investment Bank Bhd has announced that Minister of Finance (MoF) Inc and each of the concession holding companies have mutually agreed to extend the cut-off date to negotiate and finalise the terms of the definitive agreements to Dec 31, 2019, from Oct 31, 2019, Gamuda said in a filing to Bursa Malaysia yesterday.
“Save for the aforementioned extensions, all other terms contained in the offers shall continue to be in full force and effect,” the company said.
However Finance Minister Lim Guan Eng on Wednesday said that Putrajaya had yet to set a timeframe for its takeover of the four concessionaires.
In June, MoF Inc offered to pay RM4.5 billion cash and to shoulder the liabilities of the four toll concessionaires in the Klang Valley that Gamuda holds equity interest in.
The concessionaires are Kesas Sdn Bhd (KESAS), Sistem Penyuraian Trafik Kl Barat Sdn Bhd (SPRINT), Lingkaran Trans Kota Sdn Bhd (LITRAK) and Syarikat Mengurus Air Banjir & Terowong Sdn Bhd (SMART).
Shares of Gamuda closed 11 sen or 3.03% higher at RM3.74 yesterday, valuing the company at RM9.25 billion.
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