Shahril Ridza: PLUS sale needs to be done properly via Khazanah, EPF

KUALA LUMPUR (Jan 14): Khazanah Nasional Bhd and the Employees Provident Fund (EPF) have never put highway concessionaire PLUS Malaysia Bhd up for sale and should the government decide to let go of PLUS, the next step is to conduct a formal engagement with the current shareholders.

Khazanah managing director Datuk Shahril Ridza Ridzuan said today the formal engagement with PLUS shareholders Khazanah and EPF has not started. Malaysia sovereign wealth fund Khazanah via UEM Group Bhd owns 51% of PLUS while EPF holds the remaining 49%.

“Any decision on sale from a governance point of view needs to be done properly through the current owners of PLUS, that is Khazanah and EPF. That part has not started.

“We have never put up the assets for sale. There is actually no bidding process, so there are no bidders. These are all unsolicited offers, which were made to the government rather than the current shareholders,” Shahril told reporters on the sidelines of the Bank Rakyat Integrity Forum 2020 here today.

He said Khazanah has always felt that the offers for PLUS undervalued the asset.

Shahril said this today ahead of the Cabinet meeting tomorrow, when the government will discuss the proposed takeover of PLUS and four Gamuda Bhd-related highways in the Klang Valley.

Yesterday, Bernama, quoting Finance Minister Lim Guan Eng, reported that the Cabinet will discuss the proposed takeover of PLUS and the four Gamuda-related highways during the Cabinet meeting tomorrow.

Lim said an announcement on the matter will be made after the Cabinet meeting.

Today, Shahril said Khazanah and the government are now on the same page as to how much PLUS is valued currently.

“And I am very happy to note that that valuation has been validated now by independent bankers both on the part of our side and the government side.

“And going forward, we need to understand the policy decision that the government is going to make through the Cabinet before we can take this any further," Shahril said.

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