No mood to sell Plus, says Khazanah MD

The government sovereign wealth fund, Khazanah Nasional Bhd, is not in the mood to sell Plus Malaysia Bhd, the country’s biggest expressway toll firm, its managing director Shahril Ridza Ridzuan said.

He said Khazanah, which owns 51 percent of Plus, retained its stand not to dispose of its stakes in the company

"We are not in the mood of selling the asset and we actually haven't got any kind of bidding process going on," he told reporters on the sidelines of Permodalan Nasional Bhd (PNB) Corporate Summit 2019 in Kuala Lumpur today.

Shahril Ridza said he is also on the same note as the Prime Minister Dr Mahathir Mohamad that feels all the offers were unattractive.

"(Prime Minister) Tun (Dr Mahathir Mohamad) already mention that none of the offers are attractive. So, I leave it at that," he said.

News emerged today that Widad Business Group Sdn Bhd has upped its offer to acquire 100 percent equity interest in Plus at a total enterprise value of RM38.34 billion.

This includes RM5.3 billion for the equity interest, RM3.04 billion compensation waiver and RM30 billion debt assumption.

Other offers for Plus are from businessperson Halim Saad, who partnered with Wong Gian Kui, to take over Plus whole equity holding for RM5.2 billion.

Maju Holdings Sdn Bhd, the operator of Maju Expressway, had also submitted its offer to acquire Plus at an enterprise value of RM34.9 billion including Plus’ debt to its bondholders.

- Bernama