ALR completes acquisition of four highway concessionaires

• The four highway toll concessionaires are Lingkaran Trans Kota Sdn Bhd (Litrak), Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint), Kesas Sdn Bhd (Kesas) and Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).

KUALA LUMPUR (Oct 13): Amanat Lebuhraya Rakyat Bhd (ALR) said it has completed the acquisition of four highway concessionaires following its issuance of sustainable sukuk murubahah amounting to RM5.5 billion in nominal value.

"This successful sustainability sukuk murabahah transaction is a step forward in ALR’s commitment to fulfilling its mandate to accelerate the era of nominal tolling for the motoring rakyat.

“As we strive to fulfil our mandate, ALR will disclose our financial status bi-annually to provide a status update on our financial progress, in line with our charter and pledge of transparency to our constituents,” the private special purpose vehicle said in a statement on Thursday (Oct 13).

The four highway toll concessionaires are Lingkaran Trans Kota Sdn Bhd (Litrak), Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint), Kesas Sdn Bhd (Kesas) and Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).

Litrak operates the Damansara-Puchong Expressway (LDP), Sprint operates the Sprint Expressway, Kesas operates the Kesas Expressway, and Smart operates the Smart Tunnel.

Meanwhile, Gamuda said a cumulative RM4.26 billion was received by the relevant concession companies for the disposals of their securities in Kesas, Sprint and Litrak (RM1.19 billion, RM863 million, RM2.21 billion respectively).

In a bourse filing, Gamuda said the total disposal figure differs from the RM4.14 billion it had previously disclosed in its circular due to RM14 million in incremental holding cost, as well as RM110.8 million in government compensation receivables.

Gamuda said it received RM470 million from its 51.3% effective interest in Sprint, and RM971 million from its 42.6% effective interest in Litrak.

Together with the RM913 million it garnered from offloading its 70% interest in Kesas, it said it received a total of RM2.35 billion from the equity disposals in Sprint, Litrak and Kesas. Gamuda added that it received RM316 million for the disposal of its 50%-equity in Smart.

Kumpulan Perangsang Selangor Bhd (KPS), which held the other 20% in Sprint, said it received RM183.4 million for the disposal.

Separately, Gamuda’s 50%-owned Lingkaran Trans Kota Holdings Bhd, which owned a 100% interest in Litrak and 50% in Sprint, said it received RM2.28 billion and RM459 million respectively for the disposals of its entire equity in the two concessionaires.

Shares of Gamuda closed four sen or 1% lower at RM3.95 on Thursday, valuing it at RM10.23 billion. Litrak closed unchanged at RM4.94, giving it a market capitalisation of RM2.67 billion.

KPS, meanwhile, ended half a sen or 0.75% higher at 67 sen, valuing it at RM357.44 million.